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Transitioning management responsibilities from one generation to the next is difficult. Founders often have invested a lifetime into building a business, a reputation, and goodwill with other business owners. There can be many different reasons founders are reluctant...
Things are different now. I’m viewing the world with longer-term eyes, through a lens of generations. I lost my parents a couple of years ago—both of them in the span of six months. Both of them passed away in their home, the one they lived together in for...
Before he started succession planning, Kevin Olson first got pretty good at avoiding it. “The hardest part is getting started,” says the 50-year-old farmer from Plenty, Sask. “It’s easy to talk about it in generalities, but then you all kinda go back and start working...
To grow the farming business you have today, you’ve invested years of your life and the bulk of your financial assets. But sooner or later, it’s inevitable that someone other than you will own and run your farm. Perhaps you’ll transfer your operation...
Justin Beck has one big tip for beginning farmers: If you want to succeed on the family farm, get away from it. “I would definitely suggest that you go work someplace else for a bit,” says the 26-year-old. “First, it’s going to help you decide whether farming is...
When the Keddy family first began succession planning, their advisor had a grim warning. “We sat down with our accountant who told us there was a study that found only 1 in 12 first-generation farms are successfully transferred,” says Philip Keddy, who with parents...
