Category Archive for: ‘Succession Planning’

Why Business Owners Need a Succession Plan

succession plan

It is never too early to have a succession plan in place to ensure the continuity or smooth transfer of a business and its assets in the event of the owner’s death. This is especially so if an individual’s family is dependent on the company for income. Some owners may consider a succession plan as something to look at in …

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What is Financial Advice Worth?

financial advice

With 47 years of business and life experience to draw on and 21 of that in the financial advice business, I’ve learned that if you look after the needs of the client, ask the right questions and work with other qualified professionals you will do well! I view my job as being the quarterback between my clients and other professionals …

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Don’t Get Stuck in a Rut!


Two dictionary definitions of a rut are: 1) A long deep track made by the repeated passage of wheels on vehicles, 2) A habit or pattern of behaviour that has become dull and unproductive but is hard to change. Over the last few years I have chatted with many older farmers or business owners who seem to be stuck in …

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Managing Risk with Today’s Farm Values

managing risk

I covered this topic 10 years ago and since then, farm land in central Alberta has tripled in value and our farming population is aging. This has created a pressing need to consider the financial risks now involved with farming on top of the input costs, the weather, pests, disease, low returns, etc. Managing risk down on the farm: Due …

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The Value of a Team Approach to Financial Planning!

team approach

It seems that today many families, farms and small businesses deal with a wide range of professionals for advice on their accounting, legal, banking, financial and any other needs. The issue here is often a lack of communication between all the parties involved when it comes to your sale, succession, retirement or estate planning needs. My intent is not to …

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Should you Incorporate Your Farm?


Operating any successful farm depends on having smart, strategic thinking people, no matter what the farm structure. Incorporating your farm might be the next step to look at in your operation. There can be many benefits to incorporating depending on your circumstances. Incorporating enhances financial management: The requirement to file a balance sheet as part of the corporate tax return …

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Farm Succession Planning, Keep the Conversation Going

farm succession

Developing farm management skills, similar to an exercise program, pays big benefits, but it’s also easy to slough off for another day.  Considering that only one-third of producers use business advisers or risk management tools, and fewer still do human resource, farm succession, or strategic planning, it is easy to understand why it keeps getting put off. Consider Bill, a …

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Successfully Completing the Farm Transfer

farm transfer

First and foremost, start by talking about it now!  Not tomorrow, not next week or year, right now. The earlier you start the process, the more options you have available.  Balancing your retirement, your estate and the farm between the kid/s taking over your family farm and your non-farming children is quite an undertaking and it takes time to set …

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A Winter Project for Farm & Business Families

winter project

A Winter Project for Farm & Business Families Before the days lengthen out and the weather warms up, now may be the time to begin a winter project and start the conversation with your family about sale or succession of your farm or small business. With my first 27 years here in Canada spent working with farm families including eight …

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Why The Urgent Need to Plan for Your Wealth Transfer

wealth transfer

We spend a lifetime building our wealth, but we don’t always put the same amount of time and effort into having a serious conversation with our family members to discuss our wishes, or develop any formal plans to transfer our wealth to the next generation in a tax efficient manner. A recent bank report estimated that $750+ Billion of wealth …

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Is it Time for Your Farm Sale or Succession Talk?

succession planning

At a seminar we held in Stettler recently, several farm families came to learn about the solutions we come up with to resolve some of the farm succession planning issues we run into from time to time. First of all, my suggestion to farm or small business families is, don’t keep putting it off. One of the biggest difficulties we …

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Succession Planning, A Good Winter Project for Farm & Business Families

succession planning

With the crop in the bins, fall work completed and the fall run of cattle leveling off, this winter might be the time to start the conversation with your family about sale or succession planning. This is something that is applicable to both farm and small business families. Many of our farm and small business owners are getting up in …

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Planning to Sell or Transition Your Farm or Small Business in The Near Future?

Farm Couple

The aging of our farm or small business owners in Alberta highlight the urgent need for many to get started into the sale or succession planning process. This or be forced to as a result of accident, sickness, disability or death over the next 5 to 10 years. Here’s some food for thought about the potential negative consequences in delaying …

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Succession Planning for Farms and Small Business

succession plannng

Current statistics and the number of baby boomers reaching retirement age indicate that a large number of farms and small businesses will change hands over the next five years. The worrying issue is that a recent survey found that just a quarter of farm or small business owners had any kind of succession plan to prepare for their eventual retirement. Of …

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Successfully Transitioning Your Family Farm

Pumpkin Patch

Over the past 17 years, I have worked with a wide variety of farm families to help them through the sale or transition process. I’ve found that every situation is unique and there is no cookie-cutter process and no simple formula to follow. Because of the emotions and stress involved, I find families often give up in frustration when taking …

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So God Made a Farmer


Enjoyed this commercial by Dodge called “So God made a farmer”.

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Succession Planning of the Farm


Succession planning is not always the first priority for today’s aging generation of farmers in the developed world, as they seem to have a general reluctance to transfer ownership and management to the successor generation. This phenomenon is documented by studies done around the globe, causing significant concern to governments, bankers and agri-businesses. Today’s rapid farm expansion, along with input …

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Start The Succession Planning Conversation

Filling Dads Shoes1

Recent studies by government and financial companies indicate over 70% of Canadian farmers and small business owners will undergo succession planning and either sell or transition their business in the next 20 years. This process is often unwillingly triggered by an unplanned event such as a divorce, disability or a premature death. These same studies also indicated that only a …

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Succession Planning – Do the Tough Things Right

Do the Tough Things Right… How to Prevent Communication Disasters in Family Business Do the Tough Things Right…how to prevent communication disasters in family business. “Are you having a hard time starting the conversations about who gets the family business, and when?” This book is designed to help you nail down the key challenges you need to talk about. It’s …

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Farm Succession Planning – In-Law Factor

Mini Book Cover3

Farming’s In-Law Factor… How to Have More Harmony and Less Conflict on Family Farms Every farm teams wants harmony on their family farm and this book will show you how to get it. You’ll gain insights into how family systems work . The culture of agriculture section is a great primer for urban folks or new farm brides from the …

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