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? »
Their faces were contorted with fear as I spoke about the importance of a well-crafted will. At the lunch break the farm woman confessed that her husband was being sued by 5 greedy siblings, under the guise of taking care of a demented dad’s interests. I asked quietly if they had a good agricultural lawyer, and she said she was disappointed by the lawyer’s lack of understanding of farm business.
At the farm kitchen table a very astute and innovative farmer confessed to me that he did not have written land lease agreements with his many landlords, because “having things in writing attracts lawsuits.” I was shocked at his beliefs !
Another farmer approached me to reveal that she is now motivated to update their wills, noting that 30 years has passed since the last will was signed. “Where did the time go ?” Continue reading Crippled By Fear of Court »
Way back in Dr. Berry’s management class we were drilled with the mechanics of decision making “101”.
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 »
“This meeting gave me hope that the process of succession planning does not have to be a painful experience” a farmer wrote on his feedback sheet after I had spent 90 minutes passionately explaining the emotional factors affecting farm family communication in business transfers.
“Hope deferred makes the heart sick” says Proverbs. I am writing this on the plane home from the Peace River region where BC Grain Producers in Dawson Creek and two farm families near Spirit River and the Alberta Peace Region gave me great hope that some families do get things right.
The Peace River region had a bad 2010 drought, and for some it was the third one too close to the last one. The folks who invited me to conduct family meetings with their successor son were pleased that their accountant also took the time to meet me and share his expertise in activating the details of the dreams and hopes for the farm to continue to be successful. Continue reading Hang on to Hope »
One of the tricks of a great farm succession is the ability of the founder to let go of management, and ultimately ownership. There are many 60 something and 70 something farm dads on the bald prairie that just don’t know how to change from being the main manager to “the hired man.” I know hired man is not the politically correct term, I should say “employee”. Employees make a wage, and I don’t know if Dad is getting a paycheque!
When you started farming for your dad you were labour, then you gained skill to manage, and then you took over the operation by buying shares, or land, or assets.
Now at age 67 or 72 you are wanting to step back, and only work when you feel like it. You are again the labour component. Continue reading Can you be the hired man again? »
Do the Tough Things Right... How to Prevent Communication Disasters in Family Business
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