Working with family can be the most rewarding part of the farm business, but it also has the potential to be one of the most challenging aspects, full of emotion, relationship evolution, and conflict.
In this episode of Mind Your Farm Business, host Shaun Haney is joined by Ed and Lyle Peters, father-son farm partners in a multi-generational farm in southern Manitoba. Their farm started in the 1930s, and since then has gone through a few iterations and expanded to include now three generations of family.
Based on a system of clear responsibilities, accountability, and near constant communication, Ed and Lyle and their extended family have found a way to run both a hog and grain business with intention. The farm has adjusted to market shifts, expansion to accommodate a new generation, and a successful hand-off from the older generation to the next, not once but twice.
In the podcast below, Ed and Lyle share their farm history, and how they have structured the farm to ensure clear accountability of roles, decisions making capacity, and ensuring that life partners and non-farming family are accounted for in the business. From mentoring and business transition, to informal and formal meetings, the Peters family puts the effort in to ensure a viable, well-run farm business for generations to come.
Disclaimer: Royal Bank of Canada and its subsidiaries are not responsible for the information provided in this podcast, and this information does not necessarily reflect the views of Royal Bank of Canada or any of its subsidiaries. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its subsidiaries.