COLUMN | NEWS | FEATURE
STRONG FOUNDATION. STRONG FUTURE. PRESIDENT’S COLUMN BY BRAD STEDMAN, MKC PRESIDENT AND CEO
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Our success is directly tied to our memberowners and our commitment is never to forget that.
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Connections
t is hard to believe that nearly nine months have passed since I started my first official day with MKC. In the very beginning, I shared with the Board of Directors my 100-day plan, which included customer meetings, location visits, supplier meetings and other grand plans to introduce myself to the organization and our member-owners. Little did I know this timing would nearly perfectly coincide with the upswing of COVID-19. We immediately entered into a world of virtual meetings and video calls, where we got to see the living rooms, basements and kitchen tables of our employees and supply partners. So much for that 100day plan! As I’ve mentioned to many of you, in the time that has passed since, I’ve felt like Peyton Manning standing under his center yelling “Omaha” to anyone that would listen! I appreciate how well prepared your cooperative was to make this change and demonstrate adaptability in the face of something none of us anticipated. I am confident this adaptability came through the strength of the cooperative’s strong foundation. It is often said the strength of a building lies in its foundation. A well-built foundation provides the structure’s stability from the ground and keeps the building standing against nature’s forces. Likewise, laying a strong foundation of strategy, systems and leadership are vital for a business to flourish. Like everyone else, we weren’t immune to the challenges and complexities that presented themselves so far in 2020, but the foundation built in years past was strong. “Strong Foundation. Strong Future.” is a powerful reminder of why the cooperative demonstrates continual improvement for our memberowners by investing in resources, talent, technology and assets. One definition of strong is the ability to withstand great force or pressure. The strong foundation of MKC has provided a base for the cooperative to remain relevant in the good times and in times when the economic environment in production agriculture is not as promising. Our past investments have prepared the cooperative for times like these and have propelled our company forward. We will continue to invest in areas that will bring value to our member-owners today and for generations to come. The 2020 fiscal year was record-breaking for MKC in terms of volumes in our core business areas of grain, agronomy, energy and feed. Our financial performance was strong as well, with total net earnings just short of $10 million. Our Board of Directors and leadership continue to discuss and make decisions about striking the right balance between returning those earnings to our members through patronage and reinvesting in resources and assets to continue to ensure we are serving producers’ needs well into the future. We thank you for your continued business and support. Over the past couple of years, we have had many opportunities to grow and make additional investments on behalf of our owners for the future. We welcomed a merger with Plains Equity Exchange and Cooperative Union
