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A durable plan to pass on the farm
Columns

A durable plan to pass on the farm

The eldest child takes over the farm while siblings receive profits as shareholders of the farm corporation

By
In south-central Manitoba, a farmer we’ll call Ralph, 48, and his wife, who we’ll call Susie, 46, have three children ages 13, 14 and 18. Ralph and Susie want to retire in 17 years, when Ralph is 65. The plan is for the eldest son, who we’ll call Parker, to take over the farm. It’s […] Read more
Brandon-Souris MP Larry Maguire speaks to Bill C-208 on Nov. 25 in the House of Commons. (Video screengrab from Parl.gc.ca)
General

Tory MP’s bill on farm transfer tax treatment moves ahead

Private member's bill now awaits Senate approval

By ,
A Manitoba Conservative MP’s bill to standardize the tax treatment for sales of farms and other small businesses has cleared the House of Commons and is en route to the Senate. Brandon-Souris MP Larry Maguire’s Bill C-208, which was introduced for first reading in February last year, passed third reading in the Commons on Wednesday. […] Read more
How to pass on and preserve the family farm and generate retirement income
Columns

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

By
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.
FarmLife

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

By
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.
Farm Life, FarmLife

A new frame to see transition possibility and movement

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

By
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
Columns

Farm Financial Planner: Farm succession through intergenerational money lending

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

By
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
FarmLife, Wheat & Chaff

Tips when undergoing a farm transition

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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
General

Seven rules of behaviour for family farm teams

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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
Columns

Farm Financial Planner: Life insurance backs succession plan

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

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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

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