An organic beef ranch near Gainesville, Florida, is at the centre of a $520 million lawsuit between a father and daughter. Frank Stronach, Canadian billionaire and founder of Magna International, is suing his daughter, former Member of Parliament Belinda Stronach over a number of things, but most notably the misuse of funds and purposely underfunding said ranch venture.
Stronach alleges that his daughter and business allies underfunded the beef farm project at a critical point.
Adena Ranches is a 90,000 acre spread that produces grass-fed organic beef, with onsite processing, a bio-gas facility, and neighbouring golf course.
According to a story in the Globe and Mail, Frank Stronach’s vision was to develop Adena Farms into a market leader in the grass-fed beef industry.
Belinda Stronach is quoted in several media publications saying, “Family relationships within a business can be challenging. My children and I love my father. However, his allegations are untrue and we will be responding formally to the statement of claim in the normal course of the court process”
Check out the RealAgriculture Mind Your Farm Business podcast
Business is tough no matter your social status, wealth, or level of past success. Family business carries all of these same challenges, plus the stress of working alongside those you love and possibly live with day in and day out. Working with family can be hugely rewarding, but it also adds another level of potential conflict around money, control, and direction.
Not all ranches end up in this kind of legal battle, of course. In October, we featured a family ranch that has figured out a way to do something completely different than the Stronachs by donating their 44 million dollar ranch to the University of Calgary School of Veterinary Medicine.
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