Farm Credit Canada (FCC) pledged up to $60 million to Glengarry Farm Finance Corporation to provide financial backing to farmers with credit issues, the firms announced yesterday.
Tag Archives finances
Farm Credit Canada funds alternative lending company
Finding a ‘bridge’ over transition waters
A will or partnership agreement is important, but is not a farm succession plan
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
Fraudsters bringing bigger phish to farms
An ATB rep suggests the time has come for you to stop writing physical cheques
Glacier FarmMedia — The time has come for you to step up your cybersecurity against rising levels of financial fraud that have cost some producers tens of thousands of dollars. “It’s unbelievable the amount of cases that have come through our organization in the last year and a half,” says Jonathan Neutens, head of agriculture […] Read more
Create more financial transparency with your farm team
Farm partners need to be able to be frank about their financial realities
Where is “You don’t talk about money!” written in the farm family rule book? Recently on a coaching call, a farm family admitted a huge “undiscussabull” within the family had caused great stress to their over-40-year-old son. This non-farming son did not have any clue about the profitability of the farm, what the parents needed […] Read more
Why power of attorney is important
For older farmers, it can provide financial protection and peace of mind as they age
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
Important to critically think about ‘stuff’
Before spending, ask yourself if some new tool or capital purchase is a need or a want
I bet that most of us have a lot of “stuff” on our ranches. The stuff I am referring to is anything that is not water, grass or cows. These could be considered the three parts of the ranching picture, and the stuff is what helps us manage those three parts. Stuff includes things such […] Read more
Froese: Really love the next generation with decent compensation
And remember — if you are going to use sweat equity you must predetermine the value
My farmer came in for lunch to warm up and was reluctant to head back outside feeling chilled. His labour is now being compensated by a buyout plan from our successor son. What’s keeping me on the hot side today is processing the coaching conversations where the next gen is working for “free,” that is, […] Read more
Froese: Decreasing your money woes by tracking personal expenses
What you think you are spending is very likely much lower than the real number
A wise person once said you can have more money over a long time if you make more than you spend or spend less than you make. The roller-coaster of grain prices has pinched many farm folks who are saying, “I shoulda… ” What you can do is keep better track of what you are […] Read more
Environmental, social and governance investing
Is it another new fad?
Business and investing fads come and go, much like other aspects of life. Those with merit last longer than others, while many fall into the trash bin of overhyped and bad ideas. Two decades ago, Six Sigma became a highly touted business concept, designed to reduce defect rates to less than 0.0003 per cent. I […] Read more
A couple looks for a low-tax route to turn their farm into retirement income
With no kids who want to take on the farm, a low-tax exit strategy is needed
A couple we’ll call Chuck, 68, and Liz, 66, farm 1,000 acres in south-central Manitoba. Their all-grain operation is profitable, but they want out. Their children, two middle-aged daughters, are not interested in farming. That leaves the sale of the farm as the best and only way for the couple to quit the business and […] Read more
Cyber-Savvy Farmer
