The Consultant - 2018 - 39

CASE STUDY: RICHLAND TOWNSHIP WOODS, NORTH CENTRAL INDIANA

40 bd.ft./ac/yr. from what it was during
the first 16 years of my ownership. The
species mix had gone from 35 percent
hickory in 1980 to 6 percent hickory in
2017. Black cherry (23 percent), white oak
(21 percent), black walnut (16 percent), red
oak (10 percent) and burr oak (10 percent)
were now the main species. My appraisal
of the timber value went from $1,010 per
acre in 1980 to $8,490 per acre in 2017,
and that is after $754 per acre had been
sold in the two timber sales. Considering
2017 timber values, and the current tree
species and timber quality in this woods,
the current growth rate of 263 bd.ft. per
acre per year works out to $219 per acre
per year of timber growth.
After the 2017 inventory, I conducted
my third timber sale. I sold 119 trees having 41,640 bd.ft.. The main species in this
sale were white oak, black cherry, red oak,
burr oak and walnut. Trees were selected
based mostly on economic and biologic
maturity, and with the idea that the next
sale would be in 10 years. I would call this
a fairly high-quality sale, which included
three white oak and three black walnut
that I estimated to have veneer quality.
After deducting the consulting forester
THE CONSULTANT

2018

Inventory

trees/acre

bd. ft./acre

$/acre

% Hickory

1981

29.3

5,320

$1,010

35

1997

33.1

4,923

$2,227

6

2017

40.6

10,190

$8,490

5

Harvest

trees/acre

bd. ft./acre

$/acre

% Hickory

1981

6.3

1,848

$278

53

1995

9.4

2,133

$375

50

2017

11.3

3,965

$3,199

sale costs, the income was $33,590, or
$.80/bd.ft. That is a long way from the
1981 sale that got $.16/bd.ft. That is an
increase of five times the value per bd.ft.
received because of increases in timber
prices over time and an improvement of
the species mix and timber quality sold.
This is strong evidence that good timber
management pays.
This woods has been a good investment. If you factor out the land value and
just consider the timber values, my 1980
to 2017 investment has earned an annual
compound interest rate of seven percent
per year, which I think is quite good. I
also think this case study makes a strong

statement for the value of good timber
management, because a 35 percent stand
of hickory and defective oak would not
have come close to these earnings.
Bruce Wakeland
founded Wakeland
Forestry Consultants in 1976 providing tree planting,
timber sales, timber stand improvement and timber
appraisal services.
He is a woodland owner and an American
Chestnut Foundation Director.
39



Table of Contents for the Digital Edition of The Consultant - 2018

From the Executive Director End Notes
From the President ACF: Forestry, Fellowship and Value
Sharing the Stories of the Trees: ACF Distinguished Forester Jim Able
Maple Syrup: A Steigerwaldt Family Tradition
The South Carolina Chapter and Forestry Students
The Association of Consulting Foresters Celebrates 70 Years
Carbon Offsets: A Viable Opportunity for Forest Landowners?
Changes of Biblical Proportions
Forests for Fish In Michigan, Foresters and Anglers are Learning from Each Other
Case Study: Richland Township Woods, North Central Indiana
Invasive Species 101
Evaluating Forest Inventory Technology for Small Landowners
Choosing the Right Accountant or Tax Preparer
The History of Forestry in Ireland
The American Oak Project Midleton Distillery Creates Rare Irish Whiskey to Promote Sustainable Forestry
Products & Services Marketplace
Index of Advertisers
Why not Surround Yourself with the Best?
The Consultant - 2018 - Intro
The Consultant - 2018 - cover1
The Consultant - 2018 - cover2
The Consultant - 2018 - 3
The Consultant - 2018 - 4
The Consultant - 2018 - 5
The Consultant - 2018 - From the Executive Director End Notes
The Consultant - 2018 - From the President ACF: Forestry, Fellowship and Value
The Consultant - 2018 - Sharing the Stories of the Trees: ACF Distinguished Forester Jim Able
The Consultant - 2018 - 9
The Consultant - 2018 - 10
The Consultant - 2018 - 11
The Consultant - 2018 - Maple Syrup: A Steigerwaldt Family Tradition
The Consultant - 2018 - 13
The Consultant - 2018 - 14
The Consultant - 2018 - 15
The Consultant - 2018 - The South Carolina Chapter and Forestry Students
The Consultant - 2018 - 17
The Consultant - 2018 - 18
The Consultant - 2018 - 19
The Consultant - 2018 - The Association of Consulting Foresters Celebrates 70 Years
The Consultant - 2018 - 21
The Consultant - 2018 - Carbon Offsets: A Viable Opportunity for Forest Landowners?
The Consultant - 2018 - 23
The Consultant - 2018 - 24
The Consultant - 2018 - 25
The Consultant - 2018 - 26
The Consultant - 2018 - 27
The Consultant - 2018 - Changes of Biblical Proportions
The Consultant - 2018 - 29
The Consultant - 2018 - 30
The Consultant - 2018 - 31
The Consultant - 2018 - 32
The Consultant - 2018 - 33
The Consultant - 2018 - Forests for Fish In Michigan, Foresters and Anglers are Learning from Each Other
The Consultant - 2018 - 35
The Consultant - 2018 - 36
The Consultant - 2018 - 37
The Consultant - 2018 - Case Study: Richland Township Woods, North Central Indiana
The Consultant - 2018 - 39
The Consultant - 2018 - Invasive Species 101
The Consultant - 2018 - 41
The Consultant - 2018 - 42
The Consultant - 2018 - 43
The Consultant - 2018 - Evaluating Forest Inventory Technology for Small Landowners
The Consultant - 2018 - 45
The Consultant - 2018 - 46
The Consultant - 2018 - Choosing the Right Accountant or Tax Preparer
The Consultant - 2018 - The History of Forestry in Ireland
The Consultant - 2018 - 49
The Consultant - 2018 - 50
The Consultant - 2018 - 51
The Consultant - 2018 - The American Oak Project Midleton Distillery Creates Rare Irish Whiskey to Promote Sustainable Forestry
The Consultant - 2018 - 53
The Consultant - 2018 - 54
The Consultant - 2018 - 55
The Consultant - 2018 - Products & Services Marketplace
The Consultant - 2018 - 57
The Consultant - 2018 - 58
The Consultant - 2018 - 59
The Consultant - 2018 - Index of Advertisers
The Consultant - 2018 - 61
The Consultant - 2018 - Why not Surround Yourself with the Best?
The Consultant - 2018 - cover3
The Consultant - 2018 - cover4
The Consultant - 2018 - outsert1
The Consultant - 2018 - outsert2
The Consultant - 2018 - outsert3
The Consultant - 2018 - outsert4
The Consultant - 2018 - outsert5
The Consultant - 2018 - outsert6
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