The Farmers Club

The “Club Notes” for Tuesday, the 18th of June, 2024.

By Dwain Duxson

Wise words

Some of you will not have ever heard of Richard White; he runs a Global Shipping Logistics business, WiseTech Global, which has a market cap of over $31 billion. Richard is an Aussie and started this business with his co-founder, and I have to admit I have been a bit of a fan and followed his progress over the years. He's a clever bastard. He started the business from nothing, so it's extraordinary as to what he has achieved. He was a guest on the "How I Made It" Podcast (see the review below) yesterday morning, and I had an hour in the Ute today, so I thought it would be a great listen. Richard spelt out that what he has been very good at is managing cash. You have to have plenty of cash in reserve to run your business on the day-to-day, but you also need rainy-day cash, just incase things go wrong. He said that profits don't always mean cash, which I found interesting; I guess it's what you do with those profits. As Farmers, we need to be cash vigilant. If you have equity in your business, you can manage your cash through borrowings, but some would prefer just to run the business by not running out of cash. There is a skill to managing cash and I have heard some ripper bit's of advice over the years. It would be a good story for another day. How much emphasis are you putting on cash flow right now? Reply to [email protected]

The Farmers Club - For the curious ones

2 x Auction this week

See here the Multi-Vendor Auction, which is on Wednesday the 19th of June. And see here the G & J East, Strathalbyn SA EOFY Auction on Thursday, the 20th of June.

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