New business provides new avenue for livestock sales
BISMARCK, N.D. — A Bismarck, N.D., woman hopes her new business will give livestock producers another option for marketing their animals.
Katie Kringstad launched Legendary Livestock in March, and the site's full capabilities will be available sometime in May. The site will allow sellers to set a starting bid, and they pay $7 per head for every lot with a successful bid above the starting price. If the lot doesn't sell, the seller doesn't owe anything. Sellers can hold online production sales, post free advertisements for hay and other feedstuffs or follow market data, all on the site.
Kringstad is a licensed livestock dealer. However, Legendary Livestock itself does not function as a livestock dealer in any transactions. The website does not handle any funds, and no financial assurances are given to either party. Users are required by the site's "end user licensing agreement" to follow applicable state or federal regulations.
"With that said, if a licensed livestock dealer would like to use and conduct business using the website, they are encouraged to do so," she says.
Kringstad shared some information about the business with Agweek.
Q: What inspired you to start this business?
For quite some time, my family had been planning to start our own small cattle operation. We did standard business planning, looking at structure, financial requirements, cost inputs, market conditions, pasture availability and time requirements. Through those planning and research efforts, my concept was developed, and I decided to focus on my strengths and pursue the software development for Legendary Livestock. At this point, my goal is to stay focused on providing the very best technology to empower sellers and buyers.
I have three young girls, and I am working very hard to be a role model and inspire them to run after big dreams. I am motivated each day knowing that this service is going to allow producers to keep more of their hard-earned profit.
Q: How does this differ from someone using classified sites to sell livestock?
Legendary Livestock caters exclusively to the livestock industry. The website offers users the ability to create their own production sale events for free that highlight their operation or choose a more general auction format for feeder cattle. If a user does not want to use an auction format, a traditional "for sale" listing is available. The website also includes interactive pricing information and calculators to assist buyers and sellers for no additional cost.
Q: What is the benefit to the seller of using your site?
Legendary Livestock is a dedicated online program to market their cattle to buyers around the U.S. for a very low per-head fee. Sellers can use photos, videos, documents and other tools to maximize their listings. Producers save on transportation, shrink loss due to animal stress and high costs associated with traditional marketing methods. The service is set up with many common value-added marketing options for producers to highlight their operations' strengths.
Producers who aren't comfortable taking their own photos and videos can choose to use local, independent marketing specialists who will do it for them. There is no additional charge for that service, as the marketing specialists receive $4.50 per head from the $7 per head selling fee.
Q: What is the benefit to the buyer?
Buyers can quickly find cattle that fit their current needs without having to compromise or travel to various sales around the region. Buyer satisfaction is highest when purchasing through private treaty versus other marketing options. The website contains many proprietary features and tools that enhance the buyer's experience.
Q: How has business been so far?
I just went public with the website in March after an extensive period of development and testing. The full features of the site will be offered in May. Feedback has been fantastic, and the service is gaining tremendous momentum as more folks are learning about it and signing up every day.