Reading Time: 10 minutes Non-family farm transitions are certainly different than traditional family succession plans, and they definitely have their difficulties. But it turns out they aren’t impossible. In fact, non-family transitions are becoming much more common and much more successful. But they do require new strategies, and new ways of thinking. How common are they? “A significant number […] Read more
Transitioning the farm beyond the family
Maybe keeping the farm in the family isn’t an option for you. Or maybe you’ve seen the statistics and you believe Canada simply doesn’t have enough young farmers, so today’s farmers must open the door to more new entrants. Well, it’s never going to be easy, but check out these creative ways to have your cake and eat it too
‘You can’t hand it to them’
Every transition is unique. This one is too. But inside Kyle (left) and Bryan Maynard’s experience are nuggets that can transform the process for farms across the country
Reading Time: 10 minutes It all makes perfect sense. When, two days before their eighth and 10th birthdays, brothers Bryan and Kyle Maynard lost their dad, Kent, in a tragic farm accident, of course the future of the farm was thrown into disarray. Kent had grown up nearby on a Prince Edward Island dairy and hog farm, but in […] Read more
Five new trends in estate planning
It’s easy to feel like everything is under control. After all, you signed your will years ago. So everything is great, right?
Reading Time: 5 minutes Canada is in the midst of a massive intergenerational transfer of wealth with the owners of trillions of dollars in assets thinking they’ll pass all that wealth on to their children. Despite this historic handoff from one generation to the next, the Investment Planning Counsel reveals that few Canadians have discussed their investment plans with […] Read more
The retiring farmer
In the dictionary, to be “retiring” means to bow silently out. Now, one of North America’s top farm retirement experts, shares why it’s the wrong strategy for our older farmers
Reading Time: 6 minutes Retirement can be a daunting prospect for nearly everyone, especially if they have had a meaningful career. Still, the adjustment in agriculture really is more acute than in many other sectors. “In agriculture, we have the added problem of being tied closely to the land,” says Iowa psychologist, speaker, author and farmer Dr. Michael Rosmann. […] Read more
Tips on planning a lasting legacy
Seven things you need to know about including charitable giving in your estate plan
Reading Time: 5 minutes When retired farmers Scott and Laura-Lee Lewis of York, P.E.I., shared their plans to bequeath $500,000 from their life insurance policies to two local charities, their generosity made national headlines. In a 2019 article in The Charlottetown Guardian about their planned giving, the couple said, “As business owners, we felt giving an insurance policy was […] Read more
Working with change, instead of fearing it
Non-farm family businesses are in the throes of succession planning too. With the help of Chris Clarke, here’s how they’re elevating their team skills for superior succession planning — and why it’s driving their business performance as well
Reading Time: 5 minutes By now, every farmer has encountered more than a few articles on succession planning, and maybe the thought of even one more doesn’t seem all that appealing. Indeed, you’ve probably read the first few paragraphs of quite a few of these stories and paused, wondering if you’ll learn anything new. Well, this article is a […] Read more
Sharing succession stories
What can farmers learn from the transition struggles of Canada’s other independent, family-based businesses?
Reading Time: 5 minutes From a business perspective, whether it’s a family business, a family farm business or any other kind, succession planning is not only smart, it’s a condition of survival. According to the Family Business Institute for example, after the leader of a family business exits the picture for whatever reason, 70 per cent of these enterprises […] Read more
Family farms are finding their way
It’s more than the legalities. The culture of Canada’s farm families is evolving too, and on many farms it’s keeping up quite nicely, thanks
Reading Time: 6 minutes Brett Meinert, of Shaunavon, Sask., knew early on that his son Barclay was hoping to take over the family farm. “He bought land three days after he was old enough to own land, when he was eighteen years old,” Brett says. “We knew at that time that he was going to farm — there was […] Read more
Paying it forward
Could a philanthropic gift be the right succession strategy for your farm?
Reading Time: 8 minutes In terms of size, W.A. Ranches’ gift to the University of Calgary’s faculty of veterinary medicine (UCVM) is the biggest donation of ranch property ever made to a North American university, adding up to 19,000 acres of land and 1,000 head of cattle for a total value of $44 million. Although precedent setting in many […] Read more
Is your farm transition on-track?
As farms grow in value, it gets tempting to think succession planning is too risky to consider. It’s why only eight per cent of Canadian farms have written plans. But maybe there’s a way after all
Reading Time: 10 minutes Whether you call it a succession plan or a transition plan, if the very idea makes you wince, you’re not alone. Canada’s farmers are older than ever — according to Statistics Canada, more farmers are over 70 than under 35 — yet only about eight per cent of all farmers have a written succession plan. […] Read more
A message from April Stewart, Country Guide's Associate Editor
