Mind Your Farm Business, Ep 54: Leveraging the power of an advisory board

Creating an advisory board for your farm business can be an effective way to bring outside experience, perspective, and expertise on to the farm, without adding to the management team.

As some farms are learning, the overall size and complexity of the farm business has grown far beyond what just one, or a few people can manage properly, and there’s too much at stake to learn business lessons the hard way.

Jake Leguee, who farms with several family members at Fillmore, Saskatchewan, says that their farm just recently put together an advisory board. His sister, dad, and uncle, all have roles in running the farm, and collectively, they agreed that there was value in having a different set of eyes to look at big-picture decisions and strategies, and that an advisory board would help in keeping emotion out of decisions, as much as possible.

Leguee says that, on their farm, no one has corporate or board experience that would be able to handle hammering out the roles and responsibilities for everyone. Plus, as a group, the farm is looking for outside input into how aggressive or cautious the business should be in planning purchases and expansions.

In this episode of Mind Your Farm Business, host Shaun Haney and Leguee discuss how to form an advisory board, including the importance of a choosing people with diverse backgrounds and perspectives (not all within agriculture either), and how having the humility to implement some of the changes is key.

 

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.

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