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Farm business

Guide Business

Thinking of a working retirement, staying on the farm and keeping your hand in things? John Baker has just three words of advice: “Don’t do it”

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Reading Time: 5 minutes The average Canadian farmer in 2006 was 52, making farming the oldest occupation in the country. And farmers aren’t getting any younger. Today, the median age of farmers is thought to be nudging 57, or perhaps even 58 because so few young people are getting into farming. If so, our farmers are the same average […] Read more
Features

Challenge #2 Succession Planning

Reading Time: 4 minutes Corporations do give farmers access to technical strategies that you simply can’t use in other management systems, including some sometimes-sophisticated strategies for separating the land from the business, for setting up voting and non-voting shares, and for determining exactly how and when shares will be transferred. For our experts, however, the question is whether the […] Read more
Columns

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

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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
Guide Business

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
Guide Business

Thinking of diversifying into a new venture or business? This two-part series will help you start smart

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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
Guide Business

Doing Them, Their Family And Their Farm

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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
Guide Business

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
Guide Business

A New Beginning

Reading Time: < 1 minute “Relieved,” says Jeff, and all the men nod their agreement when asked how it felt to have the succession plan and an executive structure completed. As the cousin, Jeff needed to sort out his role in the farm. “It was good to know what was expected of everyone,” he says. Unconsciously and collectively, all four […] Read more
Guide Business

Here’s how to get even more benefits from one of the fastest-growing diagnostic tools in business farming

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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
Guide Business

CrYStAL CLeAr

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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

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