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Finding Fairness in Farm Transition

Name: Finding Fairness in Farm Transition
Start: 2023-12-01T00:00:00-07:00
End: 2023-12-01T23:59:59-07:00
Location: Smoky Lake Agriplex

December 1, 2023

Farm transition is a difficult topic, but it is a vital one for the long term sustainability of Alberta farms and Ranches. Northeastern Alberta is heavily dependent on agricultural production, but over the last 20 years, the number of active farmers in Alberta has dropped significantly while the average age of farmers has risen. Farm succession planning can be a significant source of stress on the farm and only 14% of farm families have a written succession plan.

A transition plan that allows the current generation to step back from the day to day operations but not step out, helps give founders and the next generation of farmers a clear path forward. It allows the farm family to move away from anxiety and overwhelm enabling them to chart a harmonious path forward to sustainability and increased profitability.

Lakeland Agricultural Research Association (LARA) is proud to be hosting Canada’s Farm Whisperer Elaine Froese to present her famous “Finding Fairness in Farm Transition” workshop. Through this workshop, Elaine will give attendees tips and pointers for successfully working through the ‘undiscussable.’ Elaine is the go-to expert for farm families who want better communication and conflict resolution to secure a successful farm transition.

FAIR = Financial Transparency | Attitude | Intent | Roles

What do you want your legacy to be? In this one-day workshop, Elaine will work through considerations around:

Financial Transparency

Parents/founders are clear and sharing their desires for the future and their personal wealth situation.
Openly share the farm books and farm viability.
Debt servicing – how much can the next generation really afford to service?
What assets would be gifted, rolled over or purchased?
Does your successor(s) want to farm with their siblings?
How will non-farming heirs be treated?
Remember money does not equal love.
What do parents owe their children?

Attitude

What money scripts are you carrying around?
Do you have a scarcity or abundance mindset?
What does money mean to you?
Values, cherished beliefs will form the perspective from which you come to the discussions.
Every family member has a different relationship and history with money. It is important to speak about and understand those relationships to have more productive conversations.
Listen to the women’s stories in relationship to their farming siblings.

Intent

Intent is key for conflict resolution.
What is each person’s intent, what do they truly desire?
In farm transition there are many players, founders, successors, non-farming heirs, sibling groups, in-laws and extended family including grandparents.
Working on the founder’s vision to ensure clarity around defining fairness.
Actively listening to all members intentions gaining clarity.

Roles

Role expectations need to be clear for all generations.
When do roles shift in the transition process?
Is it fair (or reasonable) for an 80-year-old to be the majority shareholder with veto power?
Is it fair for a 60-year-old next gen to have no power?