Money management as important to profits as any other concept.
One of the geniuses of Gordon Hazard's 60-year-old, started-from-scratch beef operation is his money management.
Hazard has always counseled people who want to build a beef business this way: Make your living outside your beef business, make it profitable and keep pouring the profits back into expansion.
Hazard, who is now 90, started in the business when he was on leave from the Army during World War II. While on leave, he found a piece of land to buy near his home in West Point, MS, decided he could easily cover the payments with his monthly salary, bought the place against the banker's advice, and went back to Europe.
He survived the war, later went to vet school and then made his living as a veterinarian. He and wife Sarah raised and educated four children on his veterinarian's income and Hazard kept growing his business, all in his "spare" time and always investing profits from the beef operation back into ... the beef operation.
More articles to enjoy: