Reading Time: 5 minutes Transferring the farm to the next generation is a complicated affair that involves finances, tax implications, legal strategies and good communication among all those affected. With all those balls in the air, the one element that Mom and Dad often think about, but somehow don’t actually get serious about, is whether the next generation is […] Read more
Preparing the next generation to take over the farm
How can you be sure they’re ready for the responsibility of running the operation?
The 10th generation farm
In central Nova Scotia, Cornwallis Farms has been in the same family for nine generations. So how are they planning for David’s arrival, and the start of a whole new chapter?
Reading Time: 8 minutes Thinking back to 2011, David Newcombe told his family that they’d missed a milestone on their farm — and a chance to throw a big party. But another chance will come. “In 2061 we’ll have a 300-year anniversary,” says Newcombe, now 28. That’s a lot of confidence, yet on this farm, you might say they’ve […] Read more
Family through succession: Putting the Hunter plan into operation
"The best thing you can do to protect your legacy is to be a part of planning what it will be.”
Reading Time: 7 minutes We wrap up the Hunter family succession story with this final article in our five-part series. It has been a remarkable venture for our team to share with Country Guide readers the transition-planning journey undertaken by this family. The process took just over one year, from the start to the finish of the plan, and […] Read more
Family through succession: The Hunters create a future
The Hunter family is presented with three options for their farm transition
Reading Time: 6 minutes We continue our journey through succession with the Hunter Family as we focus on the transition and the details of what this phase of the process looks like for the family. Many of you have reached out to tell us you and your families are gaining a greater understanding since reading this series, which was […] Read more
Family through succession: Moving succession to a financial discussion
As we look into concrete financial options, a sense of excitement replaces the family’s initial worries
Reading Time: 7 minutes Many of you have been following our journey with the Hunter family. To recap, the Hunters are a fourth-generation farm family with a mixed crop and dairy farm in southwestern Ontario. Mary’s husband Jack passed away two years ago. She is 80 now and continues to live on the farm. Her only child, Bruce, works […] Read more
Family Through Succession: Aligning the Hunter family vision
"In the end, we all want the same thing,” Bruce says. “I just don’t see how we can make everyone happy.”
Reading Time: 7 minutes Last month, our first article introduced the Hunter family and their journey through farm succession. The Hunters aren’t a real family; you won’t find them in a phone book. But they are real in that they’re based on our real-life experience consulting with farm families. You’ll find families like the Hunters across the country. Through […] Read more
Getting inside a retiring farmer’s head
Knowing the questions that your older neighbours are asking themselves as they start winding down their farms could give you the inside track
Reading Time: 9 minutes Mom and Dad just had coffee with their neighbour, talking about how it’s time to start preparing for retirement. Not just thinking about it, but actually doing it. They’re only a fenceline apart, but they’re in very different situations, though, which for farmers in the area who want to expand could make all the difference. […] Read more
Calculating a fairer, smarter farm inheritance: Part Two
Alberta farm advisor Merle Good shares an innovative and tax-smart plan to encourage all your children to be patient investors with a portion of your land
Reading Time: 6 minutes Tom Button: In our previous article, you mentioned a methodology that allows for pooled ownership of farmland between family members. Why is this an objective? Merle Good: In agriculture we need to ask our children, are they willing to be patient capital investors? What this means is, if non-farm children are going to receive family […] Read more
Calculating a fairer, smarter farm inheritance: Part One
Can an estate plan be fair both to the family and to the farm business? Merle Good and Greg Gartner see a way forward
Reading Time: 6 minutes I’m supposed to ask the questions, but Merle Good, Alberta farm business advisor and nationally followed succession expert shoots a question my way before I get a chance. “Suppose you could open all the wills of today’s farmers,” he says. “How many are leaving land to off-farm children?” I expect the number is big — […] Read more
Family Through Succession: Meet the Hunter family
One farm — seven individuals. Each with their own hopes, needs and ambitions. It’s a typically unique Canadian farm, just like yours. And yes, there is a way forward
Reading Time: 6 minutes In launching this series of columns on farm succession, our goal is to offer the readers of Country Guide something unique, something we feel you will be able to relate to and learn from. We want to introduce you to the Hunter family. Of course names will be changed to protect identities of our clients, […] Read more
A message from April Stewart, Country Guide's Associate Editor
