GFM Network News

How to pass on and preserve the family farm and generate retirement income

How to pass on and preserve the family farm and generate retirement income

A couple puts an equitable plan in place for their children, only one of whom will continue to farm

A couple we’ll call Harry, 53, and Martha, 50, farm 5,500 acres in Manitoba’s Interlake region. They have three children ages 19, 20 and 24. Only the eldest, who we’ll call Bruce, is interested in taking over the farm one day. The other two see their destinies in what could be called town jobs. The […] Read more

Procrastination is killing agriculture. Way too many families are drifting with no clarity of expectations of each other or the future.

Froese: How to help founders get transition plans moving

Now is the time to check your mindset and consider how you can create certainty for yourself and the next generation

Long harvest hours give you time to think about what is working on your farm and what needs to be tweaked. Our thoughts drive our actions. It’s time to check your mindset to consider how you can create more certainty for yourself as the owner, and the next generation that wants a piece of equity […] Read more

If a situation is becoming stuck, 
try asking the other person how they 
would like to
move forward.

A new frame to see transition possibility and movement

Here’s some language tools to use to help persuade and influence others

If you’re fighting storms or sorting cows, grab five minutes to soak this story in. You cannot neglect tending to the needs of your cows. Let’s talk about embracing the same urgency with your farm transition conversations. My speaker friend Shelle Rose Charvet, author of Words that Change Minds, has tools for better language that […] Read more

Farm Financial Planner: Farm succession through intergenerational money lending

Farm Financial Planner: Farm succession through intergenerational money lending

Lending cash to the kids: A “family bank” can transfer assets to the next generation

A couple we’ll call Bob and Tess, both 59, have farmed in central Manitoba for four decades. Their farm has 3,000 acres, mostly in grain. Bob’s health has declined, and he feels he cannot carry on much longer. Their son, Fred, is 24. He hasn’t been farming, but he would like to supplement his income […] Read more

Tips when undergoing a farm transition

There are certain dreams and wishes we all have. Health, happiness, wealth. This is no different on the farm. The ideal farm is profitable, productive, and safe. When the time comes to pass down the farm we have worked for our entire lives, there can be feelings of trepidation and angst. Dad is afraid of […] Read more

Seven rules of behaviour for family farm teams

Seven rules of behaviour for family farm teams

When the next generation comes home, Elaine Froese says families can set up some rules of engagement right away so everyone knows and can operate within that culture. When new people join the team, it can help to clarify expectations. “Culture is the invisible glue that holds the farm and the family together. It is […] Read more

Farm Financial Planner: Life insurance backs succession plan

A widow uses insurance products to assist her son and plan a legacy for her daughter

A couple we’ll call Martha, 60, and Max, 61, farmed in south central Manitoba for four decades. They grew an original 640 acres into 2,400 acres they own personally and through their corporation, and then added another 4,000 acres, which they rent. A son, Ernest, in his mid-30s, has been part of the operation for […] Read more

Winter is a good time to review farm transition plans.

Finding fairness in farm transition

How are your plans unfolding? Now is the perfect time to check on this

Winter is a great time to take a fresh look at how our plans are unfolding. As a speaker, it’s also a season of meeting and greeting many stressed-out farm families who are seeking solutions to being stuck. BDO’s Jim Synder has a daughter who thinks that families who see fairness defined as “helping everyone […] Read more

Life insurance as the key to farm succession

Farm Management: A solidly developed life insurance policy could be the key to hassle-free planning

Farmers often have something not all non-farmers have: the desire to see their lifelong work continued. Ideally, the next generation will take over, though maybe only one of your kids will stay on the farm. Land values have skyrocketed in the last 30 years and many farmers’ net worths are caught up in land values […] Read more