The 2011 Census of Agriculture, released in stages between 2011-14, pointed to several demographic trends:
PINCHER CREEK, Alta. — In his law practice, Travis Bissett has seen many cases of farm succession go horribly wrong. Fortunately, he has also seen many resolved in a satisfactory way, just as the farm owners want. He prefers the latter scenario, and so he was one of four people who offered expertise at a […] Read moreTag Archives after the farm — page 7
Incorporation may offer one solution to succession
The Rainforth farm near Lacombe Alta., was established in 1900 by Albert Rainforth. Today R. Rainforth & Sons Ltd. encompasses more than 1,200 acres. Albert’s grandson, Dave, and his son, John, grow grain, but over the years the farm has also included beef cattle and a dairy. The farm became a corporation in 1970. “We […] Read more
The soft side of selling: letting go of the farm
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 moreFollowing key steps makes planning easier
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
Price of a lifetime
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
