Reading Time: 3 minutes Now that summer’s on the doorstep, the kids are home from school, and your planning and preparation for the growing season are over, it’s an ideal time to have some important conversations with your family members around succession planning. As anyone who has gone through the process knows, succession planning within the family can be […] Read more
Prepping the kids for the financial reality of farm ownership
It may be the biggest question of all. When is the right time to give the kids a voice in business planning?
Let your kids see how you mind your farm’s business
Here’s where the farm succession process really starts
Reading Time: 5 minutes If you’re close to retirement, you may be getting ready to succeed the farm to your children. Or, if you’re younger, you’ll be thinking about what is going to happen to the farm when it’s your turn to retire. In either scenario, your family, your children and the business itself will likely be intermingling, which […] Read more
Transition to better communication
How better succession planning can lead to better decision-making and less conflict
Reading Time: 8 minutes Too many times, farm succession planning starts with a series of useless, dead-end and sometimes volatile meetings. Someone erupts into tears, someone else mutters some nasty words in anger and frustration and all our hopes crash in flames. No wonder we are afraid of stirring up this toxic mess of emotions. We’re supposed to be […] Read more
Growing professional
Across the country, young farmers like Holly White and Kent Sereda are building respect for a new generation of business skills
Reading Time: 9 minutes Newlyweds Holly White and Kent Sereda were already quite good at tackling what you might call their legal due diligence, updating their wills and preparing marital agreements. Then they realized they should go even further. This was the right time, they decided, to review the whole succession plan for the fourth-generation family farm that they […] Read more
The first-born quandary
What if your eldest son isn’t actually the best choice to lead your family farm into the future?
Reading Time: 6 minutes For centuries, it worked for royalty. If you happen to be the first-born son, you were on the path to the throne, no questions asked. And it happened on the farm too. The eldest son was automatically in line to take the reins when Dad got old enough that he needed to step aside. Increasingly, […] Read more
Succession shocker
The percentage of farm families with a succession plan is going down. That’s right —DOWN! — even though those same families still see succession planning as crucial to success
Reading Time: 4 minutes The day I caught up with famed farm family coach, Elaine Froese, she had already had two conversations with families who cannot bring sibling partners to the table. Phrases like “avoidance of conflict,” “bullying” and “silence is a form of violence” tumble out of her. “Procrastination and conflict avoidance are the root of the issue […] Read more
Get off to a better start with farm succession
Here’s advice from Merle Good on how to let the business lead the conversation toward your farm succession plan
Reading Time: 6 minutes John F. Kennedy’s historic words, “… ask not what your country can do for you, ask what you can do for your country,” may also contain the wisdom needed to solve the complexities of today’s family farm successions. Too many young men and women are starting their discussions about the path to farm succession by […] Read more
Never too young to talk about farm succession
As the Ellis family is learning, there’s no such thing as too soon for starting the conversation about farm succession
Reading Time: 7 minutes Lincoln Ellis has just got his first taste of combining. “He thought it was pretty interesting for the first 10 minutes, and then he realized how small the combine cab was, and that was about it,” says his dad, Simon Ellis, with a chuckle. “So it was short-lived, but you know, small steps for now. […] Read more
Succession planning: Preparing for takeoff
How one Manitoba family's farm business succession plan is taking flight
Reading Time: 9 minutes Case Study Objective Four children in their late 20s and early 30s, all want to be part of this family farm and aerial spraying business. First Step The Parsonage family transferred ownership before operational management. The parents had used some of their capital gains exemption earlier when buying out of partnership, and about that time […] Read more
The farmer as CEO
AME Management: What roles and responsibilities must a farmer assume in order to be effective?
Reading Time: 3 minutes An Internet search will reveal several definitions of the roles and responsibilities for the chief executive officer (CEO) of a business. The degree of formality of the actual position and its title varies considerably from business to business, depending on size, complexity, and organizational preferences. Potential roles and responsibilities of the CEO are summarized below. […] Read more
A message from April Stewart, Country Guide's Associate Editor
