Farming Business

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LISTEN TO FARMERS’ TRUE NEEDS

Friday, January 13th, 2012
  • Financial planners can be intimidating and some don’t understand what our true needs are.
  • We need help.  Our family is large and some actively involved and others not, yet everyone feels like they have an inherited right to the farm’s assets. 
  • We need help to seek more financial management training so we can better manage our farm’s finances and ensure a smoother transition of the farm’s affairs to our children when they take over.

 Asking for help from an advisor is an uncomfortable task for many farm families. There is a huge issue around trust and performance. Can I trust the person to really know what they are talking about? Will they follow-through in a timely manner and really listen to what I want? Continue reading LISTEN TO FARMERS’ TRUE NEEDS »

Posted in Farm Family Coaching, Farming Business, Grainews Articles | 1 Comment »

Whose Mouth Should Be Moving At Your Meeting?

Friday, November 25th, 2011

Many farm families are feeling a deep sense of guilt knowing they should be having business meetings, but they just don’t seem to get around to it. The key factor is understanding why you need to meet.

-Family council to explore how the family operates

-Succession planning

-Estate planning: wills, inheritance, fairness issues, legacy plans

-Advisers and suppliers meetings

-Human resources, operations etc. Continue reading Whose Mouth Should Be Moving At Your Meeting? »

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The Silver Lining SLAP for your Business

Tuesday, March 8th, 2011

It’s my joy in travelling to meet energetic young entrepreneurs who have been grounded by their farm experiences. Last December in Montreal I met the passionate founder of Silver Lining Limited, Carissa Reiniger, who is now 28. Carissa’s common sense approach and SLAP™ system is giving a workable template to small business owners who want better cash flow and more capacity to get things done profitably .

Chicken farmers have used her system to generate more revenue and achieve their one-year wonder goals. SLAP™ helps folks break down their revenue streams on a unit cost basis and honours the quarterly goals that need to be executed in order to grow revenue. Carissa believes that the whole point of being in business is to be doing what you love, profitably !

The challenge I see with young farmers is that they want to treat their farms and other enterprises like a business, but may need to focus more on working on the business revenue, expenses, action items, not just showing up for the routine daily chores or going where the next crisis is calling them. Continue reading The Silver Lining SLAP for your Business »

Posted in Farming Business, Grainews Articles | 3 Comments »

Breaking Up is Hard to Do…Firing Your Advisors

Tuesday, January 18th, 2011

In March I spent time with 70 farmers in Alberta who were seeking new ideas on how to do a some tough things right, like transferring the farm to the next generation. One of their biggest challenges is finding an financial advisor, tax specialist and legal professional who they can trust. They are wondering if they are being well-served by their current team of advisors, as some folks are not getting clear answers to their questions, and sometimes don’t know what questions to ask !

The song says “breaking up is hard to do…and I know, I know that  it is true…” I think is it hard to fire your advisors, because we live in small towns, have to drive further for more options, and we are a loyal bunch. Continue reading Breaking Up is Hard to Do…Firing Your Advisors »

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Gifts Your Farm Team Needs

Thursday, December 30th, 2010

Beekeepers are a very friendly and warm bunch of folks as I experienced them at their annual convention in Edmonton last month. They are dealing with issues that threaten their livelihood and like grain farmers, the weather really does a number on their business.

As I was flying over Saskatchewan I was really saddened to see the sod covered in so much water that it looked like muskeg, not the prairies I am used to. I suspect that many of you are anticipating a long winter of stress and indecision about how to get ready for next year, and how to face the financial crunches of 2010.

Buying gifts is probably not a fun activity when dollars are tight, so let’s consider some gifts your farm team needs that won’t cost money. They will cost you time and intentionality.

Here’s some ways to encourage the heart of your business:

  1. ACT: Start the conversations about the tough issues that are eating at you and keeping you up at night. When I speak about farm transfer and succession I hear from folks who are so worried about family tension, they aren’t sleeping, and that means they are not able to make well-rested well-conceived plans for everyone’s future. Mark a date on your calendar that you are going to set aside for personal reflection and another date to invite the farm team to have dialogue.
  2. Agenda of Concerns: Set aside some time to meet in a safe, neutral spot with an agenda. You need to be intentional about setting up a business meeting to take the pulse of your emotional climate of your farm team. Use a soft object like a stuffed toy as the talking stick, so that the person talking holds the toy and gets to speak, uninterrupted. I bet your accounting firm has a stress toy you could use as a talking stick. It’s a good idea to let your advisors know your big picture idea of getting more clarity for the vision of your business team. If tensions are high, you might want to hire a facilitator or coach.
  3. Journal: Figure out before you meet what you really want to accomplish. When I ask families what they want for Christmas, the usual answer is “I don’t need anything”, and then they are thankful for what arrives on the 25th of December. Be brutally honest with yourself. What do you really want as encouragement to the heart of your business? Do you and your spouse want the same things or different? Continue reading Gifts Your Farm Team Needs »

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Posted in Farming Business, Uncategorized | 1 Comment »

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