A new, on-demand video training series to help farmers with succession planning has been launched by Loft32. Farmers’ Bridge is designed to help farms with the transition between generations, “more efficiently and professionally, with a people-centric approach,” the program creator said in a news release. “Succession is the greatest labour, leadership and ownership challenge […] Read more
Tag Archives Succession planning
New on-demand video series for succession planning
Three ways to advance farm transition planning
‘Canada’s farm whisperer’ recommends key discussion topics for farm families
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
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
Managing a family legacy
Property can be protected through improved legal agreements, while accounting for emotional connections
Explaining estate decisions might be the key difference between maintaining a viable farm business and disintegration of a family legacy. In part three of this farm business planning series, Ray Riel, a farm transition and business management professional and operator of Advice Only Financial Group, reiterates two critical elements of successful succession planning: providing clear […] Read more
Why life insurance matters in succession
Farm transition specialist Ray Riel discusses what different types of insurance can and can’t do for a family and business
In a previous edition of Farmtario, we spoke with farm transition professional Ray Riel about why young farmers should have a last Will and Testament. In this instalment, Riel expands on estate planning by delving into life insurance. We asked Riel to explain how and why farmers of all ages should ensure they have the […] Read more
Farm transfer bill gains support, moves to Senate for deliberation
Proposal would improve tax burden of farmers selling businesses to children
Glacier FarmMedia – Farm groups are praising MPs who voted in favour of a law aiming to amend tax laws and make it easier for producers to sell their operations to family members. Bill C-208, introduced by Conservative MP Larry Maguire for the first time in September 2020, is off to the Senate for review […] Read more
Planning for “What if”
Succession planning questions to ask and steps to take to start the conversation
Many farms think an unexpected change will never happen in their family. The premise is: “our family operation has nothing to worry about.” Few family operations survive unexpected changes to the business, such as changes due to a death, sudden illness, family or legal disputes, divorce, financial stress or loss of a key employee. Why […] Read more
Talk about money, even though it’s tough
Having clear financial conversations can go a long ways towards building a successful succession plan
This is part of a continuing series by Matt McIntosh looking at succession issues. Discussing farm finances and the financial aspect of succession can be tough. This is particularly true when succession plans must account for family members who do not intend to farm, or those uncomfortable with money-related conversation. But discussing the dollars is […] Read more
Sorting out roles often starting place for young farmers
Succession planning sometimes left until returning youth find their place
Developing a succession plan is often a long and complicated process and for younger people just returning to the family farm, it may not be the first priority. Finding, or rediscovering, their place on the farm is more likely to be top of mind for many of them. For those farmers, determining their roles and […] Read more
Three approaches to farm succession success
Frank discussion and a gradual approach have helped these families with their farm transitions
The reality of just how capital-intensive farming can be becomes apparent when it’s time to pass on the business — the next generation needs capital to get in and the retiring generation needs to take it out to fund retirement. Why it matters: The experiences of three families shows that the right risk-mitigating investment strategies […] Read more
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