Capital assets don’t buy groceries. If this statement makes you scratch your head a little, you’re likely the older generation on the farm. If you read it and think, “Don’t I know it” you might be the in-coming generation, and very likely frustrated by the lack of clarity on how the farm’s equity and income… Read more »
Category: Mind Your Farm Business
Mind Your Farm Business — Ep 33: When parents won’t talk about farm succession
Believe it or not, the farm transition can actually be a joyful journey. But that can only happen once three things are established: Is the business going to continue? When would you like it to continue? (starting now, or with a reading of the will) Who will lead the business in the next phase? That’s… Read more »
Mind Your Farm Business — Ep 32: Putting a value on public trust
If we can’t manage what we can’t measure, how do we approach the very real risk of losing public trust in how food gets grown? “Public trust is one of those things where we don’t know the full value of it until we’ve lost it,” says Crystal MacKay, president of the Canadian Centre for Food… Read more »
MYFB — Ep 31: Four elements of a human resource plan
Which questions do you ask potential new hires? Where to you find your next star farm employee? Is the employee handbook up to date? If you laughed and thought, we don’t even HAVE an employee handbook, this podcast episode is for you. In this Mind Your Farm Business episode, host Shaun Haney takes us on… Read more »
MYFB — Ep. 30: When and why to incorporate the farm
Perhaps more contentious than the buy versus rent debate is the question of when and why to incorporate the farm. The federal government proposed sweeping changes to how taxes were calculated for corporations last summer. The changes were met with significant push-back from the farm community, as the new rules would have a significant impact… Read more »
MYFB — Ep. 29: Putting together a solid farm business plan
No two farm business plans are identical. A young, aggressive producer focused on expanding likely needs a comprehensive business plan with detailed cash flow and business projections to satisfy investors and partners. On the other extreme, the business plan for an established farm with no children interested in taking over can be very simple —… 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 »
MYFB — Ep. 26: Before the funeral home
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 »
MYFB — Ep. 25: Steering through business risk and financial risk (and what’s the difference?)
Risk — a four letter word that drives farmers crazy. As farmers, our chances of success are greatest when we know the risks we’re exposed to and hav emitigated risks that are in our control. To help us dive deeper into the topic of risk – specifically business risk and financial risk – RealAgriculture’s Shaun… Read more »
MYFB — Ep 24: Can break-even be your worst case scenario?
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 »
MYFB — Ep. 23: Four Elements of a Well-Crafted Farm Business Plan
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 »
MYFB — Ep 22: What’s Fair is Not Always What’s Equal
“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 »
MYFB — Ep 21: Marrying Into the Family Farm
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 »
MYFB — Ep 20: Attracting and Retaining Employees
As Canadian farms continue to grow, so does the need for talented employees who can help farmers reach their business goals. But how do you find and attract these individuals? And once you have them in your employ, how do you keep them? Human resource consultant Lynn Perry joins us for episode 20 of the… Read more »