Imagine a game of telephone, where someone shares a phrase with the person next to them and they whisper it to the person next to them and so on until at the end of the line of people, the last person shares what they think they heard. More times than not, something is lost in translation — words are misheard or misspoken and the final phrase or message is nothing like what was originally shared.
In the same way, trying to navigate a farm transition without bringing everyone to the same table and having an open discussion together can lead to miscommunication or misheard wishes.
That said, we all bring baggage to the table, says Cindy Radu, family wealth advisor with Cindy Radu Advisory, and that’s why having a facilitator in the room to guide the conversation can be so valuable.
In this episode of the Mind Your Farm Business podcast, Radu explains how to set the stage for a successful farm transition and how clear communication with a neutral party present can keep the plan on track. What does clear communication look like? She outlines that, and discusses how getting all the advisors — lawyers, accountants, etc. — in one room can really help bridge the financial literacy or legalese gap that can go overlooked in many scenarios.
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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