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Breaking Up (With Advisors) Is Hard To Do

Firing an advisor is tough to do but if you want to do the “tough things right” as a farm manager, sometimes you have

to let go of folks who are not giving you the service and quality of work you

need to have a profitable business

I spent time with 70 farmers in Alberta last month who were seeking new ideas on how to do some tough things right, like transferring the farm to the next generation. One of their biggest challenges is finding a financial advisor, tax specialist and legal professional who they can trust. They wonder if they are being well-served by their current team of advisors, as some folks are not getting clear answers to their questions, and sometimes don’t know what questions to ask.

As the song goes, “breaking up is hard to do… and I know, I know that it is true.” I think it’s hard to fire advisors because we all live in small towns, have to drive further for more options and we are a loyal bunch.

Loyalty to a lawyer for three decades without getting an estate settled is not healthy, happy or smart. Sadly, I’m not making up this scenario. I know a farmer who is fighting with a very elderly brother who is executor of the father’s estate, and the farmer still has no clear title to his home yard… after thirty years. Stubborn? No. Just not assertive about firing bad advisors and moving on to a better one.

HOW TO CHOOSE THE RIGHT ADVISOR…THIS TIME

The question is: how do you find a better one?

I like word of mouth referrals from people I trust. I won’t refer farm clients to financial planners or lawyers unless I am sure of their work.

I belong to the Canadian Association of Farm Advisors. You can find our directory at www.cafanet.comAll across Canada these are the folks who care about farmers and keep up to date. We also talk to each other, so ask us what we have seen in our travels working with clients across the countryside.

You also want to check out designations. CAFA stands for membership in the Canadian Association of Farm Advisors, we have a code of ethics and professional development standards.

Certified Management Accountants (CMAs) are different from Chartered Accountants, and I have worked with folks that hold either of these designations, and they do great work. How big a team of experts is behind your bookkeeper, accountant, coach, financial planner or lawyer?

Farms are pretty tight with their advisor dollars; they don’t want to be cheated and they want a good return on their fees paid. A woman I spoke to relayed that it was worth it to spend more money for professional advice, she had been “burned” with a lower cost advisor who did not perform well for her farm.

As professionals we don’t want to discredit the work of other professionals, but we do raise “red flags” when clients tell us about exorbitant charges or work that is left undone or not done in a timely fashion.

Ask yourself: Why are your tolerating poor service and performance from your advisors?

I have fired two of my suppliers in the past six months, one with an exit interview and one with a file being pulled to another professional. These are not easy things to do, but if you want to do the “tough things right” as a farm manager, sometimes you have to let go of folks who are not giving you the service and quality of work you need to have a profitable business.

If you have paid a retainer and are locked into a contract that you

want out of, you can work your way out. It might take six months of persistent letter writing, phone calls and deadlines, but it can be done. Google the phrase “how to fire your advisor” and see what tips come up.

Each situation will have its special challenges, and I don’t intend to give you a easy quick fix approach. My intent is to cause you to pause and think about whether or not it is time to change advisors, and seek out expert advisors whose depth of knowledge and experience will support the growth of your business.

Farming is a business, and we need to be profitable with good risk management and very solid written agreements in place. If I had a hundred dollars for every sad story I hear in a year, I could pay lots of advisors a very handsome retainer!

GET IT DONE

Talk it over with your current advisor and challenge them on the things you think they are weak on. Ask for feedback from the farmers you see making good decisions. Don’t be shy about asking for what you need and challenging the current situation.

Letting go of bad advice is a good thing. You can’t keep pouring your dollars down a drain that is costing your farm money. Be wise. Do your research. Ask lots of deep questions.

We all need to give ourselves permission to let go of advisors that are no longer serving us well. Remember, it’s your farm, your family, your choice.

Now, go and make some good choices.

Elaine Froese is a member of the Canadian

Association of Canadian Advisors and a professional

speaker to farm audiences across Canada.

Visit www.elainefroese.com,email [email protected]or call 1-866-848-8311.

About the author

Contributor

Elaine Froese is a certified farm family coach and farm partner. Seek her out at www. elainefroese.com or call 1-866-848-8311. Buy her books for your mom. Share your stories of how these phrases have impacted you. Elaine wants to hear from you on Facebook at “farm family coach” or Twitter @elainefroese.

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