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? »
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 »
One of the toughest things to talk about is “how do we treat our children with our assets?” I’ve added some of my farm family coaching experiences to Donna Hasting’s (former family living specialist ) tips:
1.In theory you don’t owe your children anything. You gave them life, education, love your values and your vision. It’s amazing what young adults will tell their parents about this when they are asked directly. I have heard the children say, “Dad and Mom, please enjoy yourself for once, enjoy what you’ve worked for all your life. I don’t expect any money from you now!” Continue reading What do we owe our kids? »
In March I spent time with 70 farmers in Alberta who were seeking new ideas on how to do some tough things right, like transferring the farm to the next generation. One of their biggest challenges is finding a 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! Continue reading Breaking up is hard to do… firing your advisors »
Most decisions are emotional, not rational. Take stock of your emotional intelligence, and see where your emotional limitations are hampering the farm business.
Pierrette Desrosiers has a very powerful message for farmers. “If you can’t manage your emotions, your emotions will manage you,” she says. Continue reading Are you making emotional decisions? »
Do the Tough Things Right... How to Prevent Communication Disasters in Family Business
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