Working together, the family was able to have discussions about how the farm could utilize its cash flow to find a combination of saving, borrowing, insuring and gifting assets to nonfarming children at the optimal times to have maximum impact on their lives while also having a minimal impact on farm operations.

It is time to stop guessing what everyone thinks, feels, wants and needs. Explore what stories your grandparents, parents and siblings are telling themselves about the future and transition of wealth on your farm. Ask Grandpa or Mom, “I’m just curious, what is the story you are telling yourself? Is this a scarcity mindset issue? How much is enough? Would you ask for the help of a financial planner to give you more financial security and certainty for your income streams as you age in place on this farm?”

Many farming arrangements rest on handshake deals, wherein two people essentially trust in one another’s word. When stakes are fairly low and flexibility is paramount, unwritten handshake deals can be a helpful tool. However, when farmers are investing money, time and other resources of considerable value in a farm operation, reliance on a handshake can sometimes prove to be a costly error.

If you or someone in your farm family is getting married soon or considering marriage in the future, having the prenuptial conversation can be helpful in providing peace of mind and legal protection if the marriage does not go as planned later down the road.

PTO shafts are a great way to transfer mechanical power between tractors and other farm equipment. However, PTO shafts are also the leading cause of entanglement fatalities, which accounts for 30% of agricultural fatalities in Canada. There were 14 deaths caused directly by PTO shafts from 1998-2008 in Canada.

When looking to buy new equipment or build new buildings, one of the key considerations is the cost of ownership or their fixed costs. The largest of the fixed costs is depreciation.

Across Canadian dairy farms, the adoption of solar energy is growing as a financially viable and strategically positive move. Farmers have been harnessing sunlight to grow food and raise livestock for thousands of years, so it’s no surprise solar panels are the next step in agriculture's evolution.

Protocols on a dairy farm are essential for a smooth, organized workflow, ensuring safety and efficiency for cows and farm staff. They maintain high health and well-being standards by supporting proper animal care and management.

Do you have a clear picture of who you are and how you lead on your farm and in your family?