Reading Time: < 1 minute Creating a corporation takes paperwork, and it s easy to leave the job of wrestling with shareholder agreements and other paperwork for some other day, says lawyer George Sinker. The accountant advises, letters are sent, and agreements are drafted. Then April hits, the dirt starts flying and the drafts sit unsigned. Sometimes farm families procrastinate […] Read more
Agreeing On Agreements
Thinking of diversifying into a new venture or business? This second column in Coralee Foster’s two-part series is designed to help you start smart
Reading Time: 4 minutes Getting financing for your diversification plan can be a lot more complex than getting a loan for the home farm n the last issue of COUNTRY GUIDE we discussed why farmers consider diversifying into supplementary non-farm businesses. We also discussed the steps involved in testing the financial feasibility of a business concept. This article addresses […] Read more
New venture continued
Reading Time: 2 minutes continued from previous story another consideration to ensure you protect the assets of your farm and those of your family from undue risk. If, for example, you intend to start a costly and/or complex operation, like the cheese dairy that we discussed in the first article, it would be safer to incorporate the business as […] Read more
Here’s how to get even more benefits from one of the fastest-growing diagnostic tools in business farming
Reading Time: 5 minutes Financial benchmarking in agriculture gets talked about a lot these days, but can you actually use benchmarking on your own farm to help you meet your profitability or growth objectives? Start by thinking of financial benchmarking as a farm business report card, the experts say. Like a report card, it will show you where the […] Read more
CrYStAL CLeAr
Reading Time: 2 minutes It wasn t cheap. It wasn t easy. But they believed they could do it and with help they did. Now the Gilmers share their story of hammering out a succession plan and the good it is doing them, their family and their farm Only one-third of family-owned businesses survive the transition to the next […] Read more
Crystal Clear continued – for Mar. 8, 2010
Reading Time: 3 minutes Twenty-five years after they signed the papers to take over the farm, the Gilmer brothers at South Mountain in eastern Ontario knew it was time to get serious about passing down the family farm to the next generation. Richard was ready to retire from farming. In fact, he had already bought a retirement home close […] Read more
Test the Concept continued
Reading Time: 2 minutes continued from previous storyA Thoughtful, Planned Approach Can Test The Financial Feasibility Of A Concept And Thereby Greatly Enhance Its Success table online sources, the library, Statistics Canada, your local chamber of commerce, and provincial agriculture representatives. 6. Plot the complete operation In order to acquire a complete picture of the costs involved in the […] Read more
Thinking of diversifying into a new venture or business? This two-part series will help you start smart
Reading Time: 4 minutes Al and Nan had discussed the idea off and on for years. Now, with the farm operating efficiently, they thought some extra income and new work experience for the family’s nearly adult children would be valuable. This could be the right time to diversify their dairy farming operation and start an artisanal cheese dairy. Like […] Read more
Doing Them, Their Family And Their Farm
Reading Time: 9 minutes It wasn’t cheap. It wasn’t easy. But they believed they could do it and — with help — they did. Now the Gilmers share their story of hammering out a succession plan and the good it is crYstAL cLeAr Only one-third of family-owned businesses survive the transition to the next generation. Then, out of that […] Read more
Prepping For Succession
Reading Time: 2 minutes Ongoing growth and investing in new technology provide essential base for next generations Reg and Richard Gilmer planted the seeds of succession long ago by developing an interest in farming in their children and nephew, and by continually expanding their land and quota holdings. “If you’re not moving ahead, then you’re falling behind,” says Richard. […] Read more
A message from April Stewart, Country Guide's Associate Editor
