If you talk about big picture stuff at the very face-to-face kitchen table, your family is far more likely to successfully navigate the farm transition from one generation to the next. Dr. Tom Deans, author and intergenerational wealth expert, says that when business owners (looking at you, farmers!) visit the topic early and often with… Read More
Revenue minus Expenses equals Profit…right? Mike Michalowicz, author and this year’s opening keynote speaker of TechTourLIVE, says putting profit last is setting yourself up for failure — because putting it last means that profit can wait, that it’s optional, that it’s less important now and more important in some distance future. But that leads to… Read More
As we see more autonomy and robots on the farm in the future, will that minimize or reduce the impact of the benefits of being a farm kid? Does it change it? There’s an element of the physical aspect of doing some of the work, which creates some of the long-term character, like picking rocks,… Read More
Ontario beef producers looking to use the Feeder Cattle Loan Guarantee Program will notice some changes the next time they apply. Changes announced include: Reduced need for credit checks within the program Steps to streamline the transfer of ownership of livestock once a loan is paid off The Feeder Cattle Loan Guarantee Program supports feeder… Read More
Farmers, as a rule, like to farm. They like to put seed in the ground, watch it grow, and harvest it, or raise livestock and put up feed. Some farmers like to do other things: work in the shop, attend conferences, or maybe serve on boards. Somewhat more rare, though, are farmers that like to… Read More
Selling a crop doesn’t have to be a full time job, nor does it have to be fraught with risk. Having a solid crop marketing plan requires some learning, a little work, and some time, but putting together the following five key tips could translate into tidy profits or reduced losses as you market what… Read More
An independent financial advisor who keeps a particularly close eye on big banks and agriculture is urging farmers to consider delaying plans to borrow money, with so much uncertainty in world trade and bank rates destined to inch up. Rob Hall, of Bankspeak Inc., an Ontario-based consultancy that helps farmers and other businesses negotiate with… Read More
The Bank of Canada held steady on the prime lending rate in its first decision for 2019, but are two more rate hikes on deck? For what’s at play, what to consider, and where the rate may be headed, Shaun Haney, host of RealAg Radio, talks to Matthew Pot, with Grain Perspectives. From the economic… Read More
The government-backed Advance Payments Program, commonly called the cash advance, is a tool used by farmers to even-out cash flow and help take the pressure off marketing decisions. It has expanded over the past few decades from a small program offered by the Canadian Wheat Board (CWB) for wheat, barley, and durum, to a program… Read More
As we move in to a new year and new farm season, there are all kinds of things that need to be assessed, reassessed, and evaluated. If setting business goals for the year ahead is on your to-do list, you may want to consider joining a formal peer group. If the idea of sharing farm… Read More
Like Bachman Turner Overdrive says, you’re “Taking care of business and working overtime,” — but do you take time to care for you? In this episode of Mind Your Farm Business, Chip Eichelberger, renowned motivational speaker, explains the importance of taking care of yourself in order to succeed in your business. Reflecting back on an event where he spoke… Read More
When it comes to making more money with crop marketing, there’s no magical formula —it requires attention, some learning, still more effort, and discipline. That said, there are some ways to make the process easier and more streamlined, which could, in turn, make you a little more profit. John Snell, senior vice president at INTL… Read More
If your farming career is less than 20 years old, you’ve likely not had the shock of seeing your debt payments balloon as interest rates rise. Why? Because interest rates have been historically low and very steady for a very long time. That ‘cheap money’ environment is changing, however, as the Bank of Canada has… Read More
Individual and joint membership loans are being increased within Alberta’s Feeder Associations Guarantee program, the provincial government has announced. Producers will now be able to access $2 million versus the previous $1 million limit, under the guaranteed loan program. Announced changes also allow an increase in the amount member associations can receive in advance, based on… Read More
In mid September, the federal government announced the list of prescribed regions eligible for drought-related livestock tax deferral. The break was welcomed, however ranchers and producer groups criticized the government’s approach, saying it left out too many drought-affected producers. Announced October 31st, the federal government says it is taking steps to answer some of that… Read More
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