With farmers, farm organizations, and accounting firms that work in agriculture voicing serious concerns about the federal government's proposed tax changes, Agriculture Minister Lawrence MacAulay broke his media silence on the subject on Friday afternoon. For all of 50 seconds. The Full Story: Facing the politically dangerous choice of siding with the farm community or... Read More
Category: Succession Planning
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
I’m fortunate enough to get to meet all kinds of farmers. Usually when we meet, the conversation is a standard one. What’s the weather been like or how is the harvest going? Politics, just like sex and religion, is usually left out of it. Until recently. Farmers keep bringing it up in their conversations. That... Read More
Agriculture groups are among more than 40 national organizations that have formed a coalition to fight the federal government's proposed tax changes for incorporated businesses. The Coalition for Small Business Tax Fairness sent a letter to Finance Minister Bill Morneau asking him to take the proposal off the table. "In ten years at the Canadian... 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
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
The process of transitioning a farm business from one generation to the next is often filled with obstacles and patches where progress seemingly bogs down in the mud. Generally, the stickiest areas are the ones that come with the potential for conflict, explains farm family business coach Elaine Froese, in the interview below. "The two... Read More
The finding is staggering. A recent IPSOS Reid poll found that certain farms achieve five-times higher return on assets because of one key element. Perhaps more surprising is how accessible this element of a farm business is — it's a written business plan. That number is impressive, but even more striking is the associated finding... Read More
"One day, this will all be yours." If this is the sum total of succession planning you've done as a farm owner, or if, as the son or daughter, you've heard this one too many times with nothing to show for it — the interview below is a must listen. On this episode of the... Read More
Family farms involve a complex interaction between two worlds — the family and the business, and both these worlds are impacted when a new person arrives. This person can be the glue that keeps things together, or the dynamite that blows things apart. We're talking about what happens when a son or daughter-in-law marries into... Read More