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The Financial Health of Agricultural Lenders



REMBRANDT ENTERPRISES, BROKEN EGGS KEVIN KIMLE Dave Rettig is President of Rembrandt Enter- prises, one of the largest egg producers in the United States. Rembrandt focuses on supply- ing egg ingredients to food manufacturers and egg products to food service companies. A startup in 2000,Rembrandt went on to become one of the largest companies in the industry in its first five years by implementing an aggres- sive vertical integration strategy and approach- ing its growth in an entrepreneurial fashion. This case focuses on Rettig’s approach to deal- ing with a problem arising from a co-product, inedible eggs, at the company’s egg-breaking facility. The case charts Rettig’s economic analysis of the business opportunity and the decision to create a new line of business. Rembrandt Enterprises “Is another line of business really what this company needs right now,” wondered Dave Rettig as he maneuvered his car around another construction vehicle at Rembrandt Enterprises. Rettig was founder and President of Rembrandt Enterprises, one of the largest egg producers in theUnited States.Rembrandt focused on supplying high quality egg ingre- dients to food manufacturers, and outstanding egg products to foodservice companies. Rettig founded the company in 2000. Its site in North- west Iowa was now, in 2007, home to 16 barns with 5.4 million laying hens, a feed mill, and anegg-breaking facility.The latest construction project was an improved scale and unloading facility for farmers delivering their corn and Kevin Kimle is the Rastetter Chair of Agricultural Entrepreneur- ship, a faculty member of the Department of Economics, and Director of the Agricultural Entrepreneurship Initiative at Iowa State University. Teaching notes for this case study are available from the author on request. This article was presented during an invited paper session at the 2010AAEAannualmeeting inDenver, CO. The articles in these sessions are not subject to the journal’s standard refereeing process. soybeans, one of a number o

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