GFM Network News

If you seed 20 plants per square foot, an average of 10 will emerge, says the Canola Council of Canada — a number that provides insurance in case frost, pests, and disease kill off a few more seedlings. But if conditions are good, 
you could lower your seeding rate.

Dealing with the canola crisis on your farm

Controlling costs, marketing plans, and finances should all be on your radar

Reading Time: 5 minutes No one can predict what China will do next when it comes to Canadian canola. There are certain things that you can do on your farm, but producers face some tough decisions when it comes to deciding what to spend on inputs, when to pull the trigger on sales, and whether to take a large […] Read more

Transferring land without tax is usually essential for a succession and so farmers need to pay attention to a new interpretation of rollover rules, says a well-known Alberta succession expert.

New rollover rule for farms could flatten some succession plans

A do-nothing strategy could be costly — consider transferring some land today, says succession expert

Reading Time: 4 minutes A new interpretation of the farm rollover rules has been giving Merle Good heartburn since the Canada Revenue Agency came out with it in June. “That’s the one that scares the hell out of me,” the farm succession expert said at a recent Alberta Canola Powering Your Profits event. “The rollover allows us to transfer […] Read more

More farms are expected to be multi-generational operations in the coming decades — and even succession experts say getting two generations on the same path is surprisingly hard.

Succession planning is tricky, even for the experts

Succession expert Merle Good is passing the torch — and it’s a lot harder than he thought it would be

Reading Time: 5 minutes Merle Good makes his living by telling other people how to put together succession plans. But he got a taste of his own medicine when daughter Annessa came back to the farm. “Doing it is a hell of a lot harder than talking about it,” said Good, owner of GRS Consulting. “It’s a lot of […] Read more

Ask the right questions of your management consultant

Ask the right questions of your management consultant

Farmers can go online and get 10 different quotes for the same model of tractor — but that’s not so with hiring a farm business management consultant. “Farmers get frustrated when they look on the soft side of business — the management or consulting side — because they don’t know if they’re getting fair value,”[...]
Read more

Merle Good

More than Good enough

Reading Time: < 1 minute Farm finance expert Merle Good has been recognized for his work in advancing agricultural business management practices by being named this year’s winner of the Wilson Loree Award. The former provincial tax specialist has “a passion for farm management,” said Rick Taillieu, who nominated Good on behalf of the Alberta Canola Producers Commission. Good, who[...]
Read more

Merle Good has found a new way to pass on the farm that minimizes taxes and risk — but make sure you talk to a tax specialist first, said the farm business management expert.

A new way to pass on the farm that may let you sleep easier

An intercorporate loan can protect retirement income, give the successor 
more control, and take care of non-farming children

Reading Time: 4 minutes [Updated: Dec. 12, 2016] – Merle Good has a new piece of estate planning advice for Canadian producers: “Create a damn shareholder’s loan.” “This isn’t a new idea, but it isn’t done as frequently as it should be,” said the farm business management expert. “This strategy allows us to do a lot of neat things[...]
Read more

Producers need to stop robbing Peter to pay Paul, says Merle Good.

Farm debt at record highs — but top lender not worried

While FCC says most farmers can handle their debt load, 
financial expert Merle Good says some are ‘robbing Peter to pay Paul’

Reading Time: 4 minutes Farm debt has hit a record high, bringing back some unpleasant memories of the 1980s debt crisis. But we’re not there yet, said farm business expert Merle Good. “In 1980, we had huge inflation and huge interest rates,” said Good, a longtime tax specialist with the provincial government who now runs a private consulting business.[...]
Read more