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Farm business

Using a landholding company as part of a succession plan can help to keep the farm operating while still offering non-farming children a long-term income stream.
Features

How a second farm corporation may help you at tax time

[The "Next" Issue] If you’re farming with just one corporation, you may be missing a tax trick

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Reading Time: 9 minutes Not that many decades ago, Canadian farmers were wondering if they should incorporate their farms or keep on running their businesses as sole proprietorships. Now farmers are asking, ‘how many corporations should we have?” As incorporated farmers make more sophisticated strategic plans, many are adding more than one corporation to their family portfolio. Alongside farm […] Read more
“Ask your family for feedback on how you can evolve your performance and go from good to great,” Junkin tells young hopefuls. “Then, with humility, make one change a month.”
Features, Succession strategy

Coming home to farm

Don’t expect the keys to be waiting, warns Andy Caygeon Junkin. Instead, carve out a path to self-improvement

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Reading Time: 6 minutes Let’s imagine you have just come back to the family farm. You have completed your diploma or degree, your head is full of ideas, your energy is overflowing, and you are absolutely itching to sit down and have a conversation with Mom and Dad about when and how you are going to take over the […] Read more
Even in this digital era, it's still important to build a good relationship between you and your advisor.
Guide Business, Management

Get more from your farm advisors

Boost the returns from your investment in advisors’ fees with these tactics

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Reading Time: 6 minutes Hiring business advisors and consultants is becoming a top habit on Canada’s most profitable farms, as identified in Farm Management Canada’s Dollars and Sense study. Whether it’s in accounting, law, human resources, succession planning, agronomy, livestock nutrition, communications or marketing, advisors are filling in the gaps in the farm team’s expertise. It turns out, though, […] Read more
“I am definitely becoming more realistic with time.” – Grant Dyck.
Features

The learning curve of farm diversification

Change is certain. Now, these two farms leverage it to diversify and grow their farms even more

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Reading Time: 6 minutes The reasons farms diversify are as varied as the types of farms. The options are equally numerous. Maybe it’s to enhance or grow the operation or to add more income streams. Or the owners come across an opportunity too good to turn down. So, how does someone decide when to diversify and what option to […] Read more
Unlike formal leasing arrangements with non-family entities, family farmland rental agreements may lack the clarity and specificity needed to prevent future conflicts.
Features

Summer Series: The challenge with family rental agreements

[Land] Family rental agreements are getting big attention in 2024. Just don’t rely on them as the foundation of your succession plan. They’re one piece in the puzzle

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Reading Time: 5 minutes Family ties and farming operations have long been intertwined. Indeed, family forms the backbone of many of our agricultural traditions, and today, it is often the reason why navigating farm succession is so complex. In fact, we can say even more. In an important way, family is making succession planning even more difficult in 2024 […] Read more
‘Farms that are leveraging the knowledge and skill sets of the next generation ... are beginning to set themselves apart.’ – Andrew Leach.
Features, Succession strategy

Summer Series: The family landscape

[Land] The Impact: Rising farmland values mean new farm opportunities, and frequent challenges for family harmony

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Reading Time: 5 minutes Once considered among the most traditional, unchanging ways of life, farming today is being transformed. Farmland values are changing the nature of farming and farm business management, and introducing new opportunities and risks. Plus, they are creating challenges for farm families. Land prices are raising new questions about how to direct assets to different siblings, […] Read more
“Any opportunity we’ve had to expand our land base, we’ve done so.” – Jordan Lindgren.
Features, Management

Summer Series: “Not just with acres”

[Land] “We had to find another way to diversify,” says Jennifer Lindgren

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Reading Time: 10 minutes The question we’ve come to ask is why Jordan and Jennifer Lindgren made the strange choice to turn being a grain farmer into such a public life. Unlike most farmers, the Lindgrens’ marketing campaign puts their farm and their family right in the public spotlight. Can it possibly pay? And what’s it like behind the […] Read more
Shane Conway, researcher in the Rural Studies Centre at the University of Galway.
Features, Succession strategy

Summer Series: You forgot who?

[Change Management] When Mom and Dad feel they’re being pushed out of the way, all sorts of bad things happen

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Reading Time: 5 minutes The Irish government thought it was such a great idea. The year was 2007, and in Ireland, as in the Canada of that time, few farms were setting up formal transition or succession plans. The Irish government had also begun asking itself what would happen when age or ill health finally pushes all those farmers […] Read more
No matter how long the farming parents have been married, they can set an example for the next generation by signing their own agreement.
Features

Summer Series: What is a cohabitation agreement?

[Change Management] Better ideas on prenups that will protect the farm from broken relationships

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Reading Time: 4 minutes Although most of us know them as prenuptial, “prenup” or interspousal agreements, the legal term most often used in Canada is a cohabitation agreement. Within the Canadian legal system, a cohabitation agreement is used to describe a written contract between two people entering a common-law relationship or marriage. Other jurisdictions may use other terms, but […] Read more

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