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Finance and succession help for younger farmers

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Farm Credit Canada is putting on a series of events for younger farmers so they can learn how “to take control of their business journey.” Eight “young farmer summits” for producers under the age of 40 are being held across the country, including two in Alberta. “The future of Canadian agriculture depends on attracting the […] Read more
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Seven things to remember when preparing for a farm transition

Where is it written that your parents have to go south for the winter together? Many aging farmers like to visit the Sun Belt at this time of year to get rest, connect with friends and have some well-deserved fun. But what if one of your parents prefers to stay home? When both spouses cannot[...]
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Bringing in the next generation isn’t easy but it’s been a focus for the Hilton family. From left, Sterling, Dane, Reid, Lynne and Spencer Hilton (pictured in the early fall when snow held up combining).
Barley, News

Putting the success into farm succession

Hilton Ventures has grown by leaps and bounds but the greatest accomplishment is bringing in the next generation

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By virtually any measure, the Hilton family is successful. Over the past three decades, the family has expanded its Strathmore-area operation from just over 2,800 acres to around 13,000, diversified crop production, and started a successful malting and brewing company that complements the core farm business. As well, family members have taken leadership roles in[...]
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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.
News

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

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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[...]
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General

Seven rules of behaviour for family farm teams

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When the next generation comes home, Elaine Froese says families can set up some rules of engagement right away so everyone knows and can operate within that culture. When new people join the team, it can help to clarify expectations. “Culture is the invisible glue that holds the farm and the family together. It is[...]
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General

8 management practices of successful Canadian farmers

In our CTEAM program and other activities, we get to meet a range of Canadian farmers, and often we have the opportunity to assess their success both financially and personally, in terms of their ability to meet or exceed personal and family goals. Several characteristics of these successful people become obvious rather quickly. Not all[...]
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General

Coming to the table to talk about farm transition

Farmers often stop me in the hall of conferences to ask deeper questions that are keeping them awake at night. The most common question is, “Elaine, how do we even get people to the table? My parents are refusing to talk, and my grandparents are even more stubborn!” Farm families are stuck because they give[...]
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News

Workshops on succession planning

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Alberta Agriculture is sponsoring two-day farm transition and succession workshops in January and February. “The January session will be led by the Alberta Business Family Institute,” said provincial farm business management specialist Dean Dyck. “Topics include gathering information, evaluating financial needs, designing a succession and estate plan, and family communication.” Day 2 in February will[...]
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