GFM Network News

More News →

Tag Archives succession planning

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
It’s up to you to improve your skills in sharing your ideas, thoughts and feelings in the culture of your farm business.
Columns, Farm Life

How to embrace a positive perspective for farm transition

People who feel their concerns are taken seriously will feel understood

By
Imagine this is the day you’re hopping out of bed with a new spring in your step as you anticipate the life-changing transaction taking place this afternoon. You, your spouse and your folks are headed to the lawyer’s office to officially sign shareholder agreements. You’re excited to finally have some certainty for your future. How […] 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
Parents can pass farmland down to the next generation at any value between book value and market value.
Columns

How best to pass on the farm and provide for a child living with a disability

Farm Financial Planner: There are several solutions for a complicated situation

By
Steve, 62, and Sarah, 60, have run a successful farming operation in western Manitoba for the last 35 years. The farm consists of personally held farm assets and seven quarter sections of cropland. Steve and Sarah have two sons. Jared is 32 and Jack is 30 years old. Jared has been working on the farm […] Read more
Many farm owners may avoid making wills because they want to avoid family conflict. Having a third party facilitate this discussion can help you get harmony through understanding.
Farm Life

Froese: Do you have a will?

If you’re a younger farmer, there’s a good chance you don’t. Here are some tips to help you get started

By
An Agriculture and Agri-Food Canada report, “Succession Planning on Canadian Farms,” refers to a 2019 Farm Financial Survey by Statistics Canada that showed most of the surveyed farm owners (81 per cent) had a will in place. However, the percentage was much smaller (58 per cent) for farmer owners under 40 years of age. Why […] Read more
It can be an interesting journey to graciously let go of control and mentor the next manager of your farm business.
Columns, Farm Life

Froese: Reduce friction on the farm

Seeds of Encouragement: Transitioning to the next generation may be difficult at times. Here are some tips to help farm founders and their successors with the process

By
Recently, I participated in an AgvisorPro webinar looking at the risk factors in farm transition. Dean Klippenstine, a partner and agriculture business advisor with the accounting firm MNP in Regina, Sask., was another one of the speakers, and something he said really hit me: “I’d rather have really good management than lots of old money […] Read more
Strong families celebrate. Think about how great you are going to feel when you embrace the power of target dates and timelines.
Columns, Farm Life

Froese: The power of target dates

Seeds of Encouragement: Setting timelines for action can be key in planning your farm’s future

By
There’s nothing scarier for farm families who are trying to gain control over their lives than to have no clue about what the future holds. As a coach I call this “the pain of not knowing.” Time has a way of slipping quickly by, something like the toilet paper roll that spins faster as it […] Read more
Time and needs require a flexible estate plan
Columns

Time and needs require a flexible estate plan

Two brothers must anticipate challenges when they equally inherit the farm

By
In central Manitoba, two brothers we’ll call Sam and Fred, each in his 30s, inherited a successful third-generation farm split fifty-fifty. Their parents took a $10-million slice of farm capital in preferred shares. All growth of farm value subsequent to the estate freeze goes to the brothers in equal amounts to their common shares. Nathan […] Read more
More than 300 exhibitors will be taking part in this year’s Western Canadian Crop Production Show at Saskatoon’s Prairieland Park.
Features, News

It’s showtime for Crop Production Show in Saskatoon

The Western Canadian Crop Production Show returns, and enthusiasm for the event is building

By
Saskatoon’s Western Canadian Crop Production Show is always one of the most anticipated happenings of the agricultural trade show season, and this year’s event is no different. This year’s show will take place Jan. 9-12 at the World Trade Centre Saskatoon at Prairieland Park. Leigh Ann Hurlburt, ag manager for Prairieland Park, says there is […] Read more

AgCanadaTV

AGCanadaTV: In case you missed it; your national ag news recap for Sept. 5, 2025

Sponsored By:
More Videos →

Cyber-Savvy Farmer

Glacier Farmmedia Podcast

Latest Market News

More Market News →