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Succession strategy

When you think about your current situation, what’s the ideal outcome or end game?
Features, Succession strategy

When farm plans fail

If you’ve been talking for years about planning something for the farm, maybe it’s time to look at why you’re stuck

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Reading Time: 3 minutes “It’s been 10 years, and we still don’t have a plan.” If this sounds like something you’ve said to yourself, have you also asked, “Why don’t we?” Ten years talking about making a plan but still not having it written down, or not making any real changes in the way your farm operates, can be […] Read more
“Sometimes we would grow in the same direction, and sometimes in different directions.” – Ian Steppler.
Features, Succession strategy

Manitoba farmers share their farm succession story

Transitioning the family farm can be riddled with challenges. The Stepplers have learned that working collaboratively offers a better chance of success for all

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Reading Time: 7 minutes It’s a fact that most families squabble. Individuals don’t always see eye to eye, and they can’t always work together. But if they can find a way, it can make a world of difference to the profitability and future of their farm — and the success of their relationships with each other. The Stepplers managed […] Read more
Lydia Carpenter, Wian Prinsloo with son Alastair
Features, Succession strategy

An evolving vision

First-gen farmers share their blueprint for business transition

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Reading Time: 5 minutes When it comes to starting and growing a business, you’re only limited by your imagination. For Belmont, Manitoba first-generation farmers Lydia Carpenter and her husband Wian Prinsloo, it’s that type of unlimited, outside-the-box thinking that has become their regular way of thinking. Over the years, they’ve leveraged multiple income streams, a direct-to-consumer marketing beef business, […] Read more
A grandfather carrying his grandson
Features, Succession strategy

How farmers can thrive in retirement

There isn’t a one-size-fits-all approach to retirement and planning ahead makes it much more enjoyable

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Reading Time: 5 minutes For many farmers, being a farmer is part of their fundamental nature. It’s who they are and they can’t imagine a time when they won’t be a farmer. Who hasn’t heard a farmer say they want to die farming? But the reality is that many farmers will need to exit the business whether they want […] Read more
Two couples walking by a corn field
Features, Succession strategy

Planning for retirement: Lifestyle versus finances

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Reading Time: 3 minutes Farmers might not think about retirement often, if ever. But the sooner you start to think about retiring, you can minimize the impact of the adjustment when the time comes. A retirement plan should be part of the conversation when creating a succession plan. The emphasis of succession planning is typically on transferring the business […] Read more
Don Campbell with cattle
Features, Succession strategy

Starting succession right

If you’ve resolved to start transitioning the farm this year, these insights can help you get a strong start

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Reading Time: 7 minutes It’s no secret that many farm and ranch operations facing the prospect of transition to the next generation feel stuck and unsure how to proceed. “We can’t emphasize enough that retirement is a significant life transition that comes with a rollercoaster of challenges and emotions,” write Robert Laura and Colleen Drummond in the Modern Elder […] Read more
Aerial View of Tractors, Trucks and Agricultural Machinery Harvesting Fresh Potatoes
Features, Succession strategy

Attracting the right kind of capital in agriculture

Capital is required to grow the farm business but sometimes it takes an innovative approach

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Reading Time: 2 minutes Agriculture’s future will rely on attracting capital. In the past, capital typically came from banks or family. But the changing demographic of farmers and farmland owners means that many farms and a tremendous amount of farmland will change hands over the coming decade. To add to the list of challenges, inflation and farmland appreciation has […] Read more
Saskatchewan’s Kevin and Melanie Boldt looked at their farm and they looked at their own skills and strengths. Was it time to transform the business?
Features, Succession strategy

Diversifying the farm helps build a new business

Who has time to manage a bigger, more diversified farm? The Boldts found how to say, “We do!”

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Reading Time: 11 minutes When Melanie Boldt pivoted her business from a grain farm to the first vertically integrated meat producer and market in Saskatchewan, she took a “just do it” approach and leaned into the challenge to change, diversify and expand her family farm. That was 26 years ago, and looking back, Boldt says she’s not sure she […] Read more
Many farming operations are run through one or more corporations, which adds additional layers of complexity for transferring the underlying assets.
Features, Succession strategy

Legal considerations when transferring farm assets

Every farming operation is different and poses its unique challenges and considerations

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Reading Time: 5 minutes The transferring of the land, buildings, equipment and quota that make up the farming operation can be thought of as the “meat and potatoes” of transition planning. Typically, once a plan has been developed for succession, there are assets that need to be transferred from one generation to the next. This can take the form […] Read more
Leading with vision creates space for the next generation to rise alongside your example, says Arlen Motz.
Features, Succession strategy

Sharing your farm’s story with the next generation

Share your farm’s history and stories about your own early years to give succession a boost

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Reading Time: 5 minutes Transitioning the farm to the next generation is an emotionally loaded process. Sometimes, not surprisingly, it can get bogged down and no one really knows what to do to get things moving again. This is a pattern Humboldt, Sask. farm succession coach Patti Durand has ofen seen when working with 350 farm families from across […] Read more

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