Study shows large percentage of families will lose their wealth in succeeding generations
Last month we talked about the great wealth transfer tension; there’s more. Financial planner Anthony Williams describes a study by Investment News suggesting 66 per cent of children will ultimately fire their parents’ financial adviser once they receive their inheritance. These folks are called fleeing heirs. I would like to know the statistic for farm families, as […] Read more
How are you transitioning money to the next generation?
It was great delight to hear Dr. Meir Statman speak to certified financial planners in Halifax at their annual convention in June. He was talking about normal financial behaviours and why culture matters in how we transition our money to the next generation. I clapped when I heard him say, “I believe it is wise […] Read more
Where is it written that good farm women grow gardens?
Susan Forward who authored Emotional Blackmail has a handy tool for challenging the way things have always been done by saying: “Where is it written?”… _____________. You fill in the blank for the unwritten rule or expectation that you are challenging. Large farm vegetable gardens: “Where is it written that in order to be a […] Read more
How is Dad’s style of relating affecting your decision-making on the farm?
“Your father’s particular parenting style is the template that forms the father factor in your career… If your father has died, that doesn’t mean that the feelings from the relationship are dead.” — Dr. Stephan B. Poulter, author of The Father Factor: How Your Father’s Legacy Impacts Your Career Poulter believes that we learn from […] Read more
Meeting together has healing properties and planning ahead will help the grieving family
In February at the Boissevain Post Office sorting table there were a record five white funeral notices on display. I am happy to report that the majority was an invitation to the funeral. Why does this matter? There is a trend in 2018 that has likely been building for some time as families avoid conflict […] Read more
Don’t wait for an accident to happen before you talk about safety
Like many of you, I’ve checked out the grain bin suffocation demonstration at the farm shows and collected many farm safety brochures. I think this spring is finally the time when we’ll do things more intentionally on our farm. Why now? We experienced family trauma in October during harvest when a key person crashed a […] Read more
Yes it is possible and here’s some tips on how to do it
Today I have encountered three acquaintances who are all dealing with different kinds of loss. One a husband whose wife is suffering from a stroke. One a woman whose nephew is suffering from a mental illness. One who has just buried her mother a few short weeks ago, and is thankful that she got to […] Read more
This can present a whole set of challenging situations
Brothers farming together can make for many different, interesting, and somewhat challenging dynamics. Oldest son syndrome. Birth order has been very well researched by Dr. Kevin Leman. Seek out his work for the different traits of first-born sons. My coaching experience tells me that some founders automatically default choosing the oldest son as successor which may not be a great idea if the younger sons or […] Read more
The transfer is inevitable so it can either be done in planned stages over time or by death
What should I do with the next 25 years? At 61, my life expectancy is 86. The math says I have a quarter of a century left to create legacy, help others transition, and mentor the next generation. I am also now a grandmother who delights in reading Penny Grace stories, rocking her to sleep, […] Read more
You need to share what’s in your head and heart so have those farm transition discussions
An amazing group of Alberta farmers shared their deepest fears with me at the 2018 Agriculture Service Board Conference. They texted me their biggest issues regarding fairness in transition planning. I thought you might like to see what resonates for you in this list of texts (no particular order). What I have had to come […] Read more
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