Posts Tagged ‘Business Planner’

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Being Smart with Your Personal Wealth Bubble

Monday, May 9th, 2011

Mother’s day is less than a week away, but you still have time to get her the book she needs. I have done a lot of work this winter with women and money seminars and “Who gets the farm and when ?” sessions with farm families.

Here’s what I have observed:

People are overwhelmed by the complexity of succession planning and they don’t know where to start.

Finances are a major barrier, especially  people’s fear of the income stream after farm transitions, not being enough to meet the lifestyle plan for the next 2 decades.

Farm folks who have ploughed all of their financial resources back into the farm asset bubble may not have put any funds into what Alberta’s Merle Good calls the “personal wealth bubble.” Folks with a personal wealth bubble have more flexibility in planning for the successor’s needs since they don’t need all their lifestyle income from the farm cash flow. Continue reading Being Smart with Your Personal Wealth Bubble »

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Spirit Mind and Body Factors Affecting Your Decisions

Monday, April 18th, 2011

Way back in Dr. Berry’s management class we were drilled with the mechanics of decision making “101”.

  1. Identify the problem or issue. What decisions need to be made?
  2. Research the options available to deal with the problem. Gather information.
  3. Choose the best option considering the pros and cons of each option.
  4. Act on the decision using workable reasonable timelines.
  5. Evaluate the impact of the decision or results.
  6. Make adjustments and continue building your decision making skills.

Each person on your farm team has a natural tendency towards the way they like to make decisions, and on some farms there needs to be more attention paid to the things impacting decision making. I call this the spirit, mind and body factors. Continue reading Spirit Mind and Body Factors Affecting Your Decisions »

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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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GET READY TO BE A GREAT FARMER

Friday, December 24th, 2010

Will the farm be profitable for the next 30 years?

The outstanding young farmers that I meet in my travels provide great stories and hope for agriculture’s future.  This month I’ll be meeting with a group of young dairy farmers in the Okanagan as a followup to a meeting with their parents last winter.

Both generations on the farm are typically very hard working.  I get lots of insights on what other young farmers might be thinking when I listen to the young farmer, our son, at our kitchen table.

Last night we were chatting about “sub-soiling” because the excess water on the Prairies has been tough for many folks who didn’t get a crop in, can’t get the crop out and are having severe cash flow crunches.

I think Morris Dorosh in his “If you ask me” column in Agriweek on September 20 really nailed this year when he said, “It takes nerves of tool steel to get through an experience like this without long-lasting effects.  The strain on families and personal relationships is extreme, a test of character that most people never have to pass.”

Character counts.

The Outstanding Young Farmer Awards announcements are glowing reports of young couples who possess strong character.  They have “gotten ready” to do well in their chosen field. Continue reading GET READY TO BE A GREAT FARMER »

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The Daughter In-law Barrier

Thursday, June 3rd, 2010

Sometimes a short conversation lights a huge fire of controversy, and this blog may create a few sparks, so please read carefully, all the way to the end.

A farm family with a very strong-willed daughter-in-law asks their business planner how to make progress with decision making since the “in-law” seems to have an opinion about every farm business decision made. The planner advised the farm team to consider farm business and shareholder decisions as their “territory” making it clear that the spouse, ie. Daughter in law was not part of that decision group.

What would you advise for conflict resolution?

Everyone has an opinion, so let’s dig deeper and figure out what a daughter in law needs: Continue reading The Daughter In-law Barrier »

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