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Tag Archives farm succession

Two horses, working in tandem, are stronger than one — and make a great metaphor for spouses in business together, proceeding forward in alignment.
Columns, Farm Life

How to have the conversation about prenups

Whatever the status of your relationship, the farm you share needs clarity

By
“So, you want to protect your farm in case of a divorce, understandably so! Can you do that with a prenup? Yes! If it’s valid and enforceable, and you include the right provisions, your farm can stay in your possession, even in the worst-case scenario of a divorce. Prenups can also supplement your estate planning […] Read more
Regardless of the size of a farm operation, advancing one’s leadership skills can pay dividends.
Features

Is my kid a leader?

Mediocre leadership can strain family and employee relationships — and one's own health

By
It’s actually two questions. It isn’t just how much leadership potential have my kids got? It’s also, how much better will they get if I provide the right training and support? And the reason parents need to ask both questions is because science is learning an immense amount about what leadership potential looks like. “Leadership […] Read more
The younger generation on the farm needs to know whether there is ever going to be an opportunity for them to assume leadership of the operation.
Features

Do the kids really want to take the lead on the farm?

The next generation, and the parents, both have to be clear on how they can prove it

By
An intergenerational farm transition is never easy. There are tough conversations, there are disagreements, and, always, there is compromise. The kids who want to take over the farm worry about when, if ever, that’s going to happen. They want to know how they are going to get there and what their parents are going to […] Read more
A farm’s founders and successors alike need clarity of expectations.
Columns, Farm Life

Write the first draft now for your next chapter

You no longer have the luxury of avoiding hard conversations

By
Imagine how wonderful life would be on your farm if you did not have to guess what other folks on your farm team really want for their lives, and for the farm business? I had the great joy of speaking to 540 young Iowa farmers last month. Many of them are stuck in getting equity […] Read more
One marker in a farmer’s life should be to set up a succession plan that keeps family bonds intact.
Features

Finding a ‘bridge’ over transition waters

A will or partnership agreement is important, but is not a farm succession plan

By
Maggie Van Camp understands the challenges as well as the tremendous value of farm succession planning. She’s been on that road a couple of times in her life as a seventh-generation Ontario farmer, as well as a communicator and agricultural consultant. The first time was after the sudden death of her husband in a farming […] Read more
Family members’ unspoken expectations can turn out to be “the silent killer” of a family farm, FCC’s Tim Lang says.
Features

Plan now for a farm’s future

FCC business advisor Tim Lang offers advice on what families need to consider in transition planning

By
With Canada’s farm population aging, it stands to reason transition planning would be a high priority for farmers in this country. But that doesn’t appear to be the case. Despite 60 per cent of Canadian farmers being age 55 or older, fewer than one in 10 have a written transition plan, according to Farm Management […] Read more
parents and an adult child discussing finances
Columns, Farm Life

Get the tough and tender transition conversations started in 2024

A farm’s founders may not want the embarrassment if they see a personal net worth lower than expected

By
Seven years ago, here’s what I said about getting transition conversations started: Show up as adults to attack the issues, do not attack the person who is delivering ideas for change. Understand transition is a journey of many plans, with communication as the foundation. Spend some quiet time with yourself thinking about what you truly […] Read more
Photo: skynesher/istock/getty images
Columns, Farm Life

Why power of attorney is important

For older farmers, it can provide financial protection and peace of mind as they age

By
Recently a friend was teary as she told me about a sudden change in her mom’s health. When I asked if she had power of attorney for her mother, her answer was a resounding “no way.” Her mom was procrastinating on seeing a lawyer to draw up necessary documents to protect her future. Are you […] Read more
Photo: StockSeller_ukr/istock/getty images
Farm Life

Honest communication: The key for farm succession

Unsure of your future on the family farm? Helping Dad share his emotions can achieve clarity for all

By
The green of spring and summer in this country goes by far too quickly. Our eldest granddaughter turned six two months ago, which means I have just 12 summers left before she launches at 18. Yes, time is going by, and many farms may share this situation. As Mom and Dad age on the farm, […] Read more
Martha would like to retire next year. However, if she does that, she fears she might run out of money one day. Estimating income for her long life ahead is a challenge.
Columns

Options for a widow to retire and keep the farm in the family

The farm continues, Mom’s retirement is secure and assets provided for non-farming kids

By
Martha, as we’ll call her, is a 51-year-old widow. She owns 3,100 acres in southeastern Manitoba. Her daughter, who we’ll call Alice, is 30. Alice wants to continue the family farm, although her siblings, a brother and a sister, want to continue with their town jobs. Planning this generational transfer is complex. Martha’s personally held […] Read more

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