Month: July 2026

Preface: “What is a farm but a mute gospel?”– Ralph Waldo Emerson

The Best Business Lessons Are Still Found on the Farm: What Every Business Owner Can Learn from Seedtime and Harvest

What do successful businesses and successful farms have in common?

At first glance, not much. One is filled with tractors, fields, and grain bins. The other has conference rooms, computers, financial statements, and customer meetings. Yet beneath the surface, they operate according to the same timeless principle: you cannot harvest what you have not first planted.

Thousands of years ago, long before MBA programs, strategic planning retreats, or business consultants, God established one of the greatest business principles ever recorded. In Genesis 8:22, He declared, “While the earth remains, seedtime and harvest… shall not cease.” Although spoken in the context of agriculture, the principle has remarkable application to every business owner, entrepreneur, and leader. Every thriving business is simply the result of good seeds planted consistently over time.

Perhaps that’s why farming has always fascinated me. Farmers never wake up in October surprised by what grows in their fields. They understand that the harvest is determined months earlier, when they decide what seeds to plant, how well to prepare the soil, and how faithfully they care for the crop. Business works exactly the same way.

Unfortunately, many business owners spend far more time dreaming about the harvest than thinking about the seeds. We want growing revenue, loyal employees, delighted customers, stronger cash flow, and higher profits. Those are wonderful goals—but harvests never appear simply because we wish for them. They are the natural result of decisions made months and often years before.

Every decision you make is planting something.

When you invest in training your employees, you’re planting a future leadership team. When you consistently provide exceptional customer service, you’re planting referrals and long-term relationships. When you improve your systems and technology, you’re planting efficiency. When you communicate honestly with your clients, you’re planting trust. Even your company culture didn’t happen by accident—it grew from seeds that leadership intentionally, or unintentionally, planted over many years.

The opposite is also true. Poor decisions produce harvests as well.

Ignoring employee development eventually produces high turnover. Neglecting customer relationships often results in declining referrals. Delaying necessary investments in technology creates inefficiencies that slowly erode profitability. Cutting ethical corners may create a short-term gain, but almost always produces a painful long-term harvest.

Nature never plays favorites. It simply multiplies whatever is planted.

One of my favorite observations about farmers is that they never become impatient with the growing season. Imagine a farmer planting corn on Monday and digging it up on Friday to see whether it’s growing. We would question his judgment. Farmers understand that healthy growth takes time. They faithfully prepare the soil, plant quality seed, remove weeds, and trust the process.

Business owners, however, often struggle with this principle. We attend one leadership conference and expect our culture to change overnight. We install new software and wonder why efficiency hasn’t immediately improved. We hire a talented employee and become discouraged when they aren’t fully productive after a few weeks. We expect harvests before the growing season has had time to do its work.

The waiting season isn’t wasted time. It’s where the roots are growing.

Every successful company has experienced seasons where progress wasn’t immediately visible. Systems were being developed. Employees were learning. Customer trust was being earned. Brand reputation was slowly taking shape. From the outside, it may have appeared that very little was happening. Underneath the surface, however, something important was taking place. The roots were growing strong enough to support a future harvest.

Another lesson farmers understand exceptionally well is that they never eat all of their seed.

They know that consuming today’s seed means sacrificing tomorrow’s harvest. That’s a lesson many businesses would do well to remember.

Every profitable year brings temptation. Do we distribute every dollar? Do we postpone investments because they reduce this year’s earnings? Or do we intentionally reinvest part of today’s success into tomorrow’s opportunities?

Sometimes your “seed” looks like upgrading technology before it’s absolutely necessary. Sometimes it means investing in leadership development, improving manufacturing space, refining processes, hiring ahead of growth, or strengthening your marketing efforts. None of these investments produce immediate results, but they often become the very reason a business thrives five years later.

Great leaders think like farmers because they understand that today’s decisions shape tomorrow’s opportunities.

As CPAs, we have a unique perspective. Every year we review financial statements that tell the story of a business. Revenue either increased or declined. Gross margins improved or slipped. Cash flow strengthened or weakened. But financial statements don’t just report numbers—they reveal the harvest of thousands of decisions made over many years.

Healthy businesses rarely become healthy by unintentional effort. Behind every balance sheet is a story of seeds planted faithfully—or neglected.

Perhaps that’s why some of the most successful business owners I’ve met possess remarkable patience. They understand that sustainable growth cannot be rushed. They know there are no shortcuts to trust, leadership, culture, or reputation. They are willing to plant today for a harvest they may not fully enjoy until years into the future.

Imagine how different our businesses might look if we evaluated every major decision through a farmer’s perspective.

Instead of asking, “What will this cost me today?” we might ask, “What harvest could this produce five years from now?”

Instead of asking, “How quickly will I see a return?” we might ask, “Is this the right seed to plant?”

Instead of focusing exclusively on quarterly results, we might spend more time cultivating the conditions that create long-term success.

The beauty of the principle of seedtime and harvest is that it offers both encouragement and responsibility. If today’s harvest is disappointing, tomorrow’s harvest can be different because today’s seeds can be different. Every sunrise offers another opportunity to plant wisely — experienced farmers also know that only God knows what will be gathered in at harvesttime.

The next time you walk past a farm, remember that you’re looking at more than fields of corn or soybeans. You’re seeing one of God’s greatest illustrations of how success works—not only in agriculture, but in business and in life. “Do not be deceived: God is not mocked, for whatever one sows, that will he also reap.” — Galatians 6:7

The harvest never comes first. It never has. It never will. Great businesses, like great farms, are built one faithful harvest season at a time.

Preface: “Customers pay only for what is of use to them and gives them value. Nothing else constitutes quality.” —Peter F. Drucker

The Price Is More Than a Number: Why Smart Pricing Determines the Long-Term Success of a Retail Business

Walk into two retail stores selling nearly identical products, and you’ll often notice something intriguing: their prices can be remarkably different. One retailer competes aggressively to offer the lowest price, while the other confidently charges 10%, 20%, or even 30% more for what appears to be the same item. At first glance, the lower-priced retailer seems destined to win. Yet over time, the opposite is often true. The retailer with higher prices frequently enjoys stronger profits, better employees, superior customer service, healthier cash flow, and greater opportunities to invest in growth. The difference isn’t simply the product on the shelf—it’s the pricing strategy behind it.

Many business owners think of pricing as a simple math equation: determine the cost of a product, add a markup, and arrive at the selling price. While that approach is straightforward, it overlooks one of the most important principles of business. Pricing is not merely a financial calculation; it is a strategic decision that influences profitability, customer perception, employee opportunities, and the long-term health of the business. Legendary investor Warren Buffett captured this idea perfectly when he said, “Price is what you pay. Value is what you get.” Successful retailers understand that customers are purchasing far more than a product. They are buying convenience, trust, expertise, reliability, and an overall experience.

Peter Drucker, often referred to as the father of modern management, famously wrote, “The purpose of business is to create and keep a customer.” Pricing plays a central role in accomplishing both objectives. It communicates the value of a product and sends a message about the business itself. A price tag is more than a number—it reflects the confidence a company has in its products, services, and ability to meet customer expectations. Instead of asking, “What does this product cost me?” successful retailers ask a much more powerful question: “What value does this product create for my customer?” That subtle shift in thinking can transform an entire business.

There are several pricing models that retailers commonly use, and each has its strengths and weaknesses. The most familiar is cost-plus pricing, where a retailer calculates the cost of an item and adds a desired profit margin. It is simple, consistent, and easy to manage. However, cost-plus pricing has one significant limitation—it ignores the customer’s perception of value. Two businesses may have identical costs, yet one can command significantly higher prices because of its reputation, exceptional service, product expertise, or customer experience. Cost should influence pricing, but it should not be the only factor.

Many of the world’s most successful companies rely on value-based pricing rather than cost-based pricing. Apple provides one of the best examples. Consumers rarely purchase Apple products because they are the least expensive option. They willingly pay premium prices because they value innovation, design, reliability, customer support, and the seamless integration of Apple’s ecosystem. The lesson for retailers is clear: customers do not always buy the lowest price—they often buy the greatest confidence. Businesses that consistently create exceptional value often discover that customers are willing to reward that value with greater loyalty and higher prices.

Competitive pricing is another common strategy, particularly in industries where customers can easily compare prices. While it is important to understand what competitors are charging, competing solely on price often becomes a race to the bottom. Every discount reduces the resources available to hire talented employees, improve customer service, invest in technology, or renovate a store. Jeff Bezos once observed, “Your margin is my opportunity.” When businesses sacrifice their margins in pursuit of volume, they frequently sacrifice their ability to build a stronger company.

Technology has also introduced dynamic pricing, where prices fluctuate based on demand, inventory levels, seasonality, and customer behavior. Airlines, hotels, online retailers, and even entertainment venues adjust prices regularly to maximize profitability. While not every retailer requires sophisticated pricing software, business owners should recognize that pricing does not always have to remain static. Thoughtful adjustments based on market conditions can improve both sales and profitability.

Another effective strategy is premium pricing. Luxury brands intentionally charge more because price itself communicates quality, exclusivity, and prestige. Consumers often associate higher prices with better craftsmanship, superior service, or greater reliability. Of course, premium pricing requires businesses to consistently deliver an experience that justifies the higher price. Customers will gladly pay more when they believe they are receiving more.

Pricing is also deeply rooted in psychology. Retailers have long understood that consumers do not always make purchasing decisions based purely on logic. A price of $19.99 often feels significantly different than $20.00, despite the one-cent difference. Businesses use techniques such as bundling products, offering limited-time promotions, creating loyalty programs, and strategically positioning premium products alongside standard offerings to influence purchasing decisions. These strategies are not about deceiving customers; they are about helping customers recognize value in different ways.

One of the most common mistakes I observe as a CPA working with business owners is chronic underpricing. Many entrepreneurs believe that lowering prices will automatically generate more sales and greater success. Sometimes it does increase sales volume, but it often produces unintended consequences. Lower margins reduce cash flow, limit investments in technology, delay facility improvements, restrict employee development, and create unnecessary financial stress. Businesses simply cannot discount themselves into long-term prosperity. Jim Collins, author of Good to Great, reminds us that “Greatness is not a function of circumstance. Greatness is largely a matter of conscious choice.” Pricing is one of those choices.

Over the years, I have also noticed several recurring pricing mistakes. Some businesses compete almost exclusively on price instead of communicating their unique value. Others fail to analyze profitability by product line, allowing high sales to mask poor margins. Many underestimate the lifetime value of loyal customers and focus too heavily on attracting new ones through discounts. Others reduce prices before exploring ways to enhance the customer experience through better service, stronger warranties, or greater convenience. Finally, many business owners pursue higher sales volume without considering whether those additional sales actually improve profitability. Growth without healthy margins is difficult to sustain.

Every retailer should periodically step back and ask several important questions. Why do customers choose our business? What unique value do we provide that competitors cannot easily replicate? Are we pricing for today’s survival or tomorrow’s growth? Which products truly generate profit, and which simply drive traffic? Are we measuring sales, or are we measuring profitability? These questions often uncover opportunities that no spreadsheet alone can reveal.

Ultimately, pricing is far more than an accounting exercise. It reflects how business owners value their products, their employees, their customers, and their future. Healthy profit margins provide the resources necessary to hire exceptional people, invest in technology, improve customer experiences, and withstand economic uncertainty. Peter Drucker wisely observed, “Efficiency is doing things right; effectiveness is doing the right things.” Pricing is one of those “right things.” It deserves the same thoughtful attention as leadership, strategic planning, and customer service.

The next time you review your pricing strategy, resist the temptation to ask only, “What should we charge?” Instead, ask the more meaningful question: “How can we create greater value for our customers?” Businesses that focus on delivering exceptional value, rather than simply offering the lowest price, position themselves for sustainable growth and long-term success. In the end, the price attached to your products communicates much more than their cost—it tells customers what kind of business you are and what kind of future you intend to build.

Preface: “We can never insure one hundred percent of the population against one hundred percent of the hazards and vicissitudes of life, but we have tried to frame a law which will give some measure of protection to the average citizen and to his family against the loss of a job and against poverty-ridden old age.” –– Franklin D. Roosevelt, Statement on Signing the Social Security Act

Social Security – Claiming Family Member and Survivor Benefits

The following is the third in a series of blog posts on the subject of Social Security. The first two installments, which can be found here and here:

• • • Reviewed the history of the Social Security program
    • Listed the different types of Social Security benefits
    • Explained how to claim Social Security retirement benefits

This third installment will discuss:

• • • Claiming family member benefits
    • Claiming survivor benefits

Future posts in this series will address:

• • • How earned income is taxed to fund Social Security
    • How Social Security benefits are taxed
    • Estimating Social Security’s return on investment

Social Security is known as a sort of a pension plan, as the retirement benefits do provide partial income replacement for retirees. But Social Security boasts a generous number of other types of benefits. Survivor benefits function as a sort of a life insurance for the benefit of dependents whose providers have passed away. And family member benefits, in particular spousal benefits, provide supplemental income to family members of living retirees.

Family Member Benefits

Family members of people who are receiving Social Security retirement benefits can, if certain conditions are met, receive their own benefits that are computed as a percentage of the benefit received by the recipient of the retirement benefit. Before we delve into the details of which family members are eligible and what percentage they receive, it is important to understand that family member benefits do not come at the expense of the retirement benefits.

EXAMPLE:

I am retired and eligible to receive a $2,000 per month Social Security retirement benefit. My wife is entitled to a spousal benefit worth 50% of mine. She will receive $1,000 per month in addition to my $2,000 per month. Her benefit will not be deducted out of my benefit.

And so for all family member benefits (but see The Family Maximum at the end of this article).

Another important principle of family member benefits is that anyone who is eligible for his or her own retirement benefit cannot claim both that retirement benefit and a family member benefit. Generally, you will choose the benefit that is larger.

EXAMPLE:

I am retired and eligible to receive a $2,000 per month Social Security retirement benefit. My wife is entitled to a spousal benefit worth 50% of mine. However, she is also entitled to a retirement benefit in her own right.

If her retirement benefit is larger than $1,000, she is better off taking that and foregoing the family member benefit.

If her retirement benefit is larger than $4,000, then I am better off foregoing my own retirement benefit as I can instead claim a family member benefit worth 50% of hers.

Both spouses and dependent children may receive family member benefits. Neither type of benefit can be more than 50% of the value of the retirement benefit. For this purpose, the base amount is the retirement benefit as claimed by the retired individual at full retirement age (FRA). Current law defines (FRA) for people born in 1960 and after as 67. As covered in a previous blog post, a retiree can claim a larger amount by waiting until past FRA to claim. However, family member benefits are in any case based on the FRA benefit.

A spouse must be 62 years or older to receive the family member benefit, or any age if taking care of a child who is younger than age 16 or has a qualifying disability.

The percentage value of a spousal benefit depends on the spouse’s own age when claiming the benefit. At full retirement age (FRA), the spouse can claim the maximum 50%. For each year before FRA, the percentage is reduced slightly, down to a minimum of 32.5% if claiming at age 62.

A dependent child must be younger than 18 to receive the family member benefit, or younger than 20 if a full-time student, or any age if having a disability that began before age 22.

Dependent child benefits are generally not less than 50% of the retirement benefit. But see The Family Maximum at the end of this article

Employing a Spouse as a Social Security Strategy

There is no legal impediment to employing your spouse. A spouse-employee should be paid a wage comparable to what you would pay a non-related employee for doing the same work. If you decide to do this, you should understand that you are making your spouse an employee who must be paid for work that is actually performed, the same as any other employee. You cannot just pay part of your salary to your spouse and then expect that your spouse can claim Social Security credit on it. If you both perform work for the business, you must each receive a salary based on your respective roles. As your spouse’s employer, you will be paying the employer share of Social Security and Medicare taxes (FICA) based on your spouse’s wages. The only special dispensation you have as a spouse-employer is that you do not have to pay FUTA (federal unemployment) taxes on a spouse’s wages.

If the only reason for employing your spouse is to build eligibility for future Social Security benefits, consider that a spouse is in any case entitled to family member benefits when you retire based on your earnings.

Survivor Benefits

Three types of dependents may qualify for Social Security survivor benefits based on a deceased family member’s Social Security retirement benefits:

• • • Spouses and ex-spouses who were married to the deceased at least 9 months, have not remarried, and are age 60 or older (age 50 or older if with a disability)
    • Children age 17 and younger, or aged 18-19 and in K-12 education, or any age if with a disability acquired at age 21 or younger
    • Dependent parents age 62 or older who have not remarried and who are not receiving Social Security benefits in their own right that would be greater than the survivor benefit.

Survivor benefits are paid as a percentage of the benefits that would have been paid to the deceased at full retirement age (FRA).

Children receive payments at 75%.

The value of a payments for a spouse or ex-spouse depends on the spouse’s or ex-spouse’s own age when claiming the benefit. At full retirement age (FRA), the spouse or ex-spouse can claim 100%. For each year before FRA, the percentage is reduced slightly, down to a minimum of 71.5% if claiming at age 60.

A lone dependent parent receives 82.5% percent and two dependent parents receive 75% each.

Lump-sum Death Payment

SSA also offers a one-time payment, currently $255, to a surviving spouse. Or, if there is no spouse, to children according to the same age limits as would be eligible for survivor benefits.

This payment must be applied for within 2 years of the family member’s death.

The Family Maximum

While these benefits are generous, the SSA does impose a limit on the total benefits payable to the family of a beneficiary. This restriction was introduced in 1980 as one of Congress’s many attempts to control the costs of Social Security by reducing payments to families they suspected were relatively well off.

Note that this is a limitation on benefits paid to members of the same family based on the monthly amount paid to one recipient of Social Security retirement benefits. If two spouses each receive their own retirement benefits, they are not subject to limits based on the other’s benefits.

The monthly maximum is calculated as follows:

• • • Start with the baseline monthly retirement benefit of the individual beneficiary as computed at FRA.
    • This monthly amount is divided into four segments. For 2026, these segments occur at $1,643, $2,371 and $3,093. These are known as “bend points”.
    • Income up to the first bend point is multiplied by 150%, above the first and up to the second by 272%, above the second and up to the third by 134%, and above that by 175%.
    • Add these four amounts together, and that is the maximum monthly benefit for that beneficiary’s family.

Benefits received by ex-spouses aren’t counted toward the family maximum.

The concluding graph shows the monthly maximum family benefit as a function of baseline recipient benefit value at Full Retirement age (FRA). Note that for 2026, the maximum retirement benefit at FRA is $4,152 per month.

As we pause for Independence Day, we are grateful for the blessings we enjoy in this country — for freedom, peace, and the opportunity to live and serve according to conscience.

We are also grateful for the privilege of serving our clients, and we do not take lightly the trust you place in us.

Above all, we remember that every good gift comes from God, and our highest allegiance is to His kingdom. May we use the blessings we have been given with humility, gratitude, and love for our neighbors.

Wishing you a peaceful and blessed Fourth of July.