Over the years and through their relationship with farm business owners, our team has witnessed major changes within the farming community. From small family farms to large corporate entities they have come to learn what establishes a successful farm business; businesses that understand the importance of good planning. It’s that simple.
So how does a farm business manager implement good planning skills? By educating themselves on farm financial matters and partnering with professional advisors who are knowledgeable not only within their specialties of accounting, tax, or law but also understand the business of farming.
As a result, our team has developed the following courses for Canadian farmers:
Course #1: Understanding Farm Business Structures
Deciding which legal business structure your farm business will operate under is no easy feat. If set up correctly, the chosen business structure can help a farm business owner capture the best return on investment and allow it to operate at its most efficient level.
Course #2: Farm Financial Planning
The Financial Planning Module provides participants with a financial understanding of the farm and non-farming property they own or control. Once this understanding is achieved, participants will address financial options available to them through identifying “Who, What, When, Where, and Why” as related to their financial resources considering the “What is Important to You” strategy.
With this understanding, participants are able to choose their preferred option and then create an Action Plan (that may include choosing a professional advisory team to assist with creating a comprehensive financial planning report).
Course #3: Succession Planning
The Succession Planning Course provides participants with an understanding of the Succession Planning process that will clearly distinguish the operational and management responsibilities of the farm from ownership and control of the farm and non-farm property. The course will also address the common issues that typically arise when building a succession plan, such as communication, the impact on farm finances, how to deal with the non-farming children in the family, and divorce or death within the family.
Participants will become familiar with an Eight Step Process of Succession Planning that involves consultation with experienced professional advisors as necessary. These eight steps of a Farm Succession Plan include:
- Data Collection
- Review of Critical Issues
- Set Goals
- Become Familiar with Estate Planning Tools
- Discuss Data and Goals with Professional Advisors
- Identify Options and Discuss
- Choose Best Option
- Create an Action Plan
Our courses take between 5-15 hours to complete (depending on the complexity of your farming operations). Each course comes with worksheets to be filled out.
If you are interested in signing up for one of the above courses, please fill out the below form.