Reading Time: 5 minutes Every farmer will need an exit strategy, whether you’re looking forward to it or not. Age, health and family issues won’t wait forever. Besides, being proactive now can save tons of stress and family conflict and potentially thousands of dollars later on. It will make you happier too. So isn’t that worth thinking about? In […] Read more
Setting up your retirement goals
Decisions to make in your 40s, 50s and 60s
How to get started on your farm succession plan
Reading Time: 4 minutes We see a lot of farming clients who, at the end of a call, will say, “We should get together to discuss our succession plan sometime.” But actually getting started requires intentional effort from the decision makers in the family. The first step is making the succession plan a priority. Succession planning is more than […] Read more
How the farm succession landscape is changing
Eighty per cent of Annessa Good-Hassard’s clients come to her today wanting to gift or leave their farmland to non-farming children. And that may not be the biggest change in the new succession planning
Reading Time: 6 minutes It’s no secret. Succession planning involves bringing in the experts. But that’s nothing new. Farm families have been calling in lawyers, accountants and business advisors to help with their transition planning for decades. But don’t try saying there’s nothing new about those advisors today. Or about what they’re bringing to more and more farms. It […] Read more
Farm succession fundamentals
Despite all the social media and all the press stories, when it comes to succession, you’re still in the driver’s seat
Reading Time: 5 minutes Sure, some of the dollars are bigger. Sometimes much, much bigger. And some of the emotions around the succession table are bigger too, possibly bigger than the farm may ever have seen. Even so, when business advisor Rob Foster sits down with new clients to start discussions about farm succession, he still begins the same […] Read more
More owners at your farm table
Bringing more siblings and cousins on board can strengthen your farm, but be sure to do it right
Reading Time: 3 minutes Through history, most farms ended up sold or split between siblings. Today, however, we’re seeing a big change. Rather than splitting the farm, family farm groups made up of siblings and cousins are increasingly sticking together. Sometimes these groups become active farming operations. In other families, they hold the land. While good for the continuity […] Read more
A ‘next’ solution?
[The "Next" Issue] More farmers are looking for a new strategy so they can set the next generation up with a viable farm while also supporting their non-farming children. Could this be it? Maybe, it seems, but it takes some effort to figure out whether setting up this kind of tax-free zone will benefit your farm
Reading Time: 13 minutes Rob Saik is excited. He can hardly hold back as he explains the succession plan he used when he sold his own company, Agri-Trend, a few years ago. Saik had two big goals. As an ag consultant and entrepreneur, he needed financing for his newest venture, the agricultural advisory network called AGvisorPRO, but he also […] Read more
Summer Series: The challenge with family rental agreements
[Land] Family rental agreements are getting big attention in 2024. Just don’t rely on them as the foundation of your succession plan. They’re one piece in the puzzle
Reading Time: 5 minutes Family ties and farming operations have long been intertwined. Indeed, family forms the backbone of many of our agricultural traditions, and today, it is often the reason why navigating farm succession is so complex. In fact, we can say even more. In an important way, family is making succession planning even more difficult in 2024 […] Read more
Summer Series: “Not just with acres”
[Land] “We had to find another way to diversify,” says Jennifer Lindgren
Reading Time: 10 minutes The question we’ve come to ask is why Jordan and Jennifer Lindgren made the strange choice to turn being a grain farmer into such a public life. Unlike most farmers, the Lindgrens’ marketing campaign puts their farm and their family right in the public spotlight. Can it possibly pay? And what’s it like behind the […] Read more
Summer Series: You forgot who?
[Change Management] When Mom and Dad feel they’re being pushed out of the way, all sorts of bad things happen
Reading Time: 5 minutes The Irish government thought it was such a great idea. The year was 2007, and in Ireland, as in the Canada of that time, few farms were setting up formal transition or succession plans. The Irish government had also begun asking itself what would happen when age or ill health finally pushes all those farmers […] Read more
Summer Series: What is a cohabitation agreement?
[Change Management] Better ideas on prenups that will protect the farm from broken relationships
Reading Time: 4 minutes Although most of us know them as prenuptial, “prenup” or interspousal agreements, the legal term most often used in Canada is a cohabitation agreement. Within the Canadian legal system, a cohabitation agreement is used to describe a written contract between two people entering a common-law relationship or marriage. Other jurisdictions may use other terms, but […] Read more
A message from April Stewart, Country Guide's Associate Editor
