Believe it or not, the farm transition can actually be a joyful journey. But that can only happen once three things are established: Is the business going to continue? When would you like it to continue? (starting now, or with a reading of the will) Who will lead the business in the next phase? That's... Read More
Category: Mind Your Farm Business
If we can't manage what we can't measure, how do we approach the very real risk of losing public trust in how food gets grown? "Public trust is one of those things where we don't know the full value of it until we've lost it," says Crystal MacKay, president of the Canadian Centre for Food... Read More
Which questions do you ask potential new hires? Where to you find your next star farm employee? Is the employee handbook up to date? If you laughed and thought, we don't even HAVE an employee handbook, this podcast episode is for you. In this Mind Your Farm Business episode, host Shaun Haney takes us on... Read More
Perhaps more contentious than the buy versus rent debate is the question of when and why to incorporate the farm. The federal government proposed sweeping changes to how taxes were calculated for corporations last summer. The changes were met with significant push-back from the farm community, as the new rules would have a significant impact... Read More
No two farm business plans are identical. A young, aggressive producer focused on expanding likely needs a comprehensive business plan with detailed cash flow and business projections to satisfy investors and partners. On the other extreme, the business plan for an established farm with no children interested in taking over can be very simple —... Read More
Every farm succession plan starts and stops with the older generation. In most cases, it's up to mom and/or dad to determine how and when the transition moves forward. For farm families who are stuck in that process, it's usually not from a lack of desire to execute, but from paralysis — not knowing where... Read More
Many times we look at farm succession from a very holistic point of view, through a lens focused on the overall process and all the people involved. But this can make things very complicated. Sometimes we need to look at one generation at a time. What are their concerns/desires/needs in this process? In this Mind... Read More
Building a successful farm takes many years of hard work and dedication. That’s well understood. But what it takes to continue that success into the next generation is often forgotten, or put off until it’s too late. What comes next? What will happen to my business when I am no longer able to run it?... Read More
Risk — a four letter word that drives farmers crazy. As farmers, our chances of success are greatest when we know the risks we're exposed to and have mitigated risks that are in our control. To help us dive deeper into the topic of risk - specifically business risk and financial risk - RealAgriculture's Shaun... Read More
If when you think of risk in farming you think only of uncontrollable things, like the weather and global trade, or only crop price slides, you've likely missed an opportunity to take a more proactive approach to risk management. While it's easy to get overwhelmed by 'what if' scenarios and all the different forms of... Read More