Farm family coach, author and speaker Elaine Froese has a clear message for farmers who are not actively working on transition planning. “Stop procrastinating and avoiding conflict,” she says. “To create solutions, you have to talk about tough issues.” Froese recommends three key topics for discussion that will create clarity within the family and move […] Read more
Tag Archives farm transition
Three ways to advance farm transition planning
‘Canada’s farm whisperer’ recommends key discussion topics for farm families
Top transition tips for young farmers
How the next generation can help farm transition be successful
Transitioning management and ownership of a farm business from one generation to the next can present many challenges. While there are numerous resources to support farm founders in assessing their business and planning their transition into retirement, not many advise young farmers on how they should prepare. Elaine Froese, a farmer from southern Manitoba who […] Read more
Introspective estate planning for your farm
Focus on the people involved in farm succession, not just assets
Estate planning means knowing where financial and material assets will go after you die, but according to veteran financial strategist Chris Delaney, forgetting to prepare people to receive those assets can actually destroy long-accumulated wealth. Not accounting for one’s fears, and failing to reconcile emotion with rational action, can make things even worse. Why it […] Read more
Making non-family business transition work
These two families found a way to make a dairy farm transition succeed
Most farm transitions today happen through succession planning between families, but there are growing examples of how non-farmers are making it work with existing farmers and on their own. FarmSmart, held at the University of Guelph on Jan. 18, presented opportunities for young individuals who don’t come from a farm to be successful in running […] Read more
Rules of transition, and when to break them
Well-known coach and columnist addresses Women for the Support of Agriculture
Farmer and farm transition counsellor Elaine Froese has a list of truisms she shares in regularly published columns and at meetings with farm organizations. The expression, “where is it written that…” is one of them, such as: “where is it written that a farm woman must have a garden?” Another is, “comparison is a joy-stealer.” […] Read more
Succession can be taxing if some land ownership isn’t considered
Does your succession strategy account for Land Transfer Tax? If not the repercussions could be costly
When it comes to transferring land, handing the farm to the next generation can be expensive. Ontario’s Land Transfer Tax (LTT), more specifically, can take a significant bite out of a family’s farm succession finances if an exemption can’t be achieved. Consequently, it’s important for farmers to know when LTT applies — and how to […] Read more
Cyber-Savvy Farmer
