Strategies — page 2

Fear can be a significant stumbling block when families determine how to pass on the farming operation

Slicing up a business, sorting out insurance and taxes and legal agreements is not easy. But it might be a little bit easier than dealing with the emotions that come with farm succession. One of those emotions is fear, says Colleen Younie, farm business management officer with Agriculture Resource, Agriculture and Fisheries in Prince Edward […] Read more

Yes, you need a succession plan, says Nick Betts, a business management specialist with Ontario Agriculture. A succession or transition plan proactively charts the farm’s future rather than reacting to future events such as a death, a health crisis or a divorce, he says. “If you owned any other kind of business, you would have […] Read more

Once the decision has been made to put a farm succession plan in place, one of the first tasks will be to establish a fair financial value for the farm business. “Everyone wants to be fair,” says Reg Shandro of Farmacist Advisory Service in Lacombe, Alta. ”The perspective of fair is an intriguing concept because […] Read more