Search Results for: succession planning

The consequences of postponed succession planning

Talking with your family about farm succession needs to happen sooner rather than later, emphasizes Darrell Wade, president and founder of FarmLife Financial. Wade’s key message at the Canadian Beef Industry Conference in London, Ont., was to start the succession conversation early. As he explains in the video below, his family didn’t, and when a… Read more »

Using Financial Rollovers in Succession Planning

Maintaining good relationships should be a priority in any succession plan, but sometimes it’s hard to get past the financial and legal jargon associated with the process. For both reasons, a farm business should consider appointing a third party to mediate discussions. And, in the meantime, it doesn’t hurt to learn about some of your… Read more »

Succession Planning Obviously on the Minds of Farmers at Agritrade

Below are some of my thoughts about succession planning from this week at Agritrade in Red Deer, Alberta.  It is very clear that farmers are not tired of this discussion based on the attendance at the AgriTrend Learning Center. If you cannot see the embedded audio player above, CLICK HERE

Avoiding Succession Planning Leads to Pitfalls

“Farm succession can get heated,” says Thamesville, Ont., farmer Dennis Jack. “But you have to get on with life and deal with it or you will destroy your own life worrying about.” In this episode of the Agricultural Management Institute’s (AMI) new farm succession video series, Jack talks about his family’s succession struggles and how reaching… Read more »

The Secret to Farm Succession Planning: Start Now

When should you start succession planning? The earlier the better, says farm succession expert Len Davies. In the second episode of the Agricultural Management Institute’s (AMI) new farm succession video series, Davies takes us to the Veenstra family farm near Port Colborne, Ontario. Here we meet Andy Veenstra who shares succession tips and strategies he used… Read more »

Around the Kitchen Table: AMI Rolls Out Video Series on Succession Planning

What are the key steps that farm families need to consider when developing a farm succession plan? It’s a looming question for many farm families right now. To help in the process, the Agricultural Management Institute (AMI)  has produced a new farm succession video series, viewed from the kitchen tables of Ontario farm families as… Read more »

Will Farmers Ever Get Succession Planning Right? – Jolene Brown

If you were given the choice between playing the game or sitting down together to come up with the rules of the game which would you pick? Here we see the inherent problem with the family business and the dilemma of succession planning. Unfortunately, we can play the game for years before we run into… Read more »

Lee Markert: A Young Farmers Perspective on Farm Succession Planning

The best and the most valuable advice comes from people who have actually been in the situation that they’re giving advice about. So when a topic as touchy and as potentially difficult as succession comes up, you need that “first hand experience” type of advice. Lee Markert brought that advice to producers when he spoke… Read more »

AMI Episode 5 – Succession Planning: Starting the Conversation

When it comes to succession planning, one of the most difficult things to do may be just getting the conversation started. No other topic can get defences up, arouse suspicions or cause divisions like the topic of succession if it’s not handled correctly.  Having a pure business discussion with your parents or kids easily crosses the family… Read more »

RealAg Radio, August 17: Turkey fallout, legacy planning, and the future of crop protection

On Friday’s edition of RealAg Radio: Shaun Haney and Kelvin Heppner discuss the latest ag news, including President Trump’s comments on NAFTA and ag commodity prices, Deere’s earnings, and a report that U.S. seed companies Stine and Beck’s are asking the EPA to restrict dicamba use. JP Gervais, chief economist with Farm Credit Canada, discusses… Read more »

Think transition, not succession

Despite armies of well-meaning accountants, bankers and consultants urging them to do so, many Canadian farm families don’t have a plan in place to transfer ownership between generations. It could be the word succession that’s getting in the way. This can imply an abrupt change, when the older generation is booted out to pasture and… Read more »

MYFB — Ep. 28: The senior partner’s perspective on succession

Every farm succession plan starts and stops with the older generation. In most cases, it’s up to mom and/or dad to determine how and when the transition moves forward. For farm families who are stuck in that process, it’s usually not from a lack of desire to execute, but from paralysis — not knowing where… Read more »

MYFB — Ep. 27: The younger partner’s perspective on succession

Many times we look at farm succession from a very holistic point of view, through a lens focused on the overall process and all the people involved. But this can make things very complicated. Sometimes we need to look at one generation at a time. What are their concerns/desires/needs in this process? In this Mind Your… Read more »

The Great Succession — Half of Farms Have No Plan; Does Yours?

A recent survey suggested that 52% of family businesses don’t have a succession plans. Farms are family businesses — does that number sound about right to you? If so, there are thousands upon thousands of farms and farmers that are still dragging their feet on planning the long-term viability of their farm businesses. What will… Read more »

Succession Stressing You Out? Elaine Froese On Doing Your Homework Ahead of the AgEx Conference

I suspect there are more people who’d elect for a non-necessary root canal than would like to strike up a conversation with dad about when he’ll finally hand over the reins to the farm. And that’s too bad, really, because the sooner the conversations about long-term farm business planning begin, the better chance there is… Read more »