Agriculture groups are among more than 40 national organizations that have formed a coalition to fight the federal government’s proposed tax changes for incorporated businesses. The Coalition for Small Business Tax Fairness sent a letter to Finance Minister Bill Morneau asking him to take the proposal off the table. “In ten years at the Canadian… Read More
Building a successful farm takes many years of hard work and dedication. That’s well understood. But what it takes to continue that success into the next generation is often forgotten, or put off until it’s too late. What comes next? What will happen to my business when I am no longer able to run it?… Read More
If when you think of risk in farming you think only of uncontrollable things, like the weather and global trade, or only crop price slides, you’ve likely missed an opportunity to take a more proactive approach to risk management. While it’s easy to get overwhelmed by ‘what if’ scenarios and all the different forms of… Read More
The process of transitioning a farm business from one generation to the next is often filled with obstacles and patches where progress seemingly bogs down in the mud. Generally, the stickiest areas are the ones that come with the potential for conflict, explains farm family business coach Elaine Froese, in the interview below. “The two biggest things… Read More
The finding is staggering. A recent IPSOS Reid poll found that certain farms achieve five-times higher return on assets because of one key element. Perhaps more surprising is how accessible this element of a farm business is — it’s a written business plan. That number is impressive, but even more striking is the associated finding that… Read More
“One day, this will all be yours.” If this is the sum total of succession planning you’ve done as a farm owner, or if, as the son or daughter, you’ve heard this one too many times with nothing to show for it — the interview below is a must listen. On this episode of the… Read More
Family farms involve a complex interaction between two worlds — the family and the business, and both these worlds are impacted when a new person arrives. This person can be the glue that keeps things together, or the dynamite that blows things apart. We’re talking about what happens when a son or daughter-in-law marries into… Read More
We’ve all heard the horror stories of intergenerational transfer, but, says beef producer and lawyer Ryan Scorgie, it can actually work out, provided families are willing to navigate through some challenging waters. “One of the challenges we’ve seen in this industry is people don’t necessarily look at ranching as a specific business…but it is — it’s… Read More
A year ago we ran a post describing the grandparent wisdom you should never forget on the farm. This list of five things was very popular, even inspiring several additions to the list through reader emails, twitter and Facebook. All things are not golden though — it’s time to release the list of the things your grandparents… Read More
In the past, farms looking to grow simply bought more land, but that’s not as easy as it used to be. Rising land prices are forcing producers to be creative in finding opportunities for growth, which in some cases leads to joint ventures, mergers and acquisitions — the topic of this episode of the Mind Your Farm Business podcast. “The… Read More
For many farm families, building a farm business that the next generation can take over is a top priority. There’s great pride and value placed in keeping a farm “in the family.” While it’s important to have a viable business worth passing on, a successful farm transition also requires individuals in the younger generation who are interested… Read More
In what areas does your farm business excel? What are you poor at? And how can you respond to make improvements? Self-assessment and continuous improvement are what separates high-performance farms from the average. Rob Hannam, President and Client Director of Synthesis Agri-Food Network, joins us for episode 14 of the Mind Your Farm Business podcast… Read More
There’s a balance that must be struck in any farm succession plan. Mom and dad (the retiring generation) need enough money to retire and enjoy what they’ve earned, while the succeeding generation needs to start with enough to maintain a viable business. As Jacquie Gerrard of Backswath Management explains, farm succession conversations should start with figuring out… Read More
In the day-to-day operation of a farm it can be a challenge to set aside time to chat about what the next generation expects in taking over the business. “Hey Mom/Dad/Uncle… I want you to know this is important…” sort of discussions are important because they help establish expectations, which are needed to begin a successful generational transition. So… Read More
Farming is not just about producing crops or raising livestock. Much of what separates high performance farms from average to below-average farms is their ability to excel at everything from human resources management and looking after their team to understanding financial ratios and how to deal with the banker, says Rob Hannam, lead facilitator for… Read More
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