Impact Farming

In this week's episode, we will be speaking to Annessa Good and Merle Good about "Estate Planning," in part two of our conversation on Farm Transition. Did you catch last week's episode? Part two picks up where we left off last week, so we highly encourage our audience to tune into that episode first and then return here for part two of this conversation. While the term "Estate Planning" sounds highly technical...don't be fooled. This episode is all about land values and transferring land (and other wealth) from founders to generation two. In this episode, Tracy, Annessa, and Merle discuss:

• When is the right time to transfer land? Should founders wait until they pass away and leave the land through the will? Spoiler alert…Merle says no and explains why this is not ideal.
• Many founders want to rent the land to the second generation. Merle discusses why this is not ideal at all and offers a more sensible path forward.
• Founders, are you ready to transfer the land but scared to lose control? Merle shares some thoughts on ways to do this so that it becomes a win-win for both generations.
• Are you ready to sell the land to generation two? If so, what is the appropriate way to value the land when charging full market value is not the desired outcome, is not financially viable, and most importantly, is not fair for the farming kid(s) that have invested years of their time and money into the farm.
• They discuss the concept of sweat equity. What is it? Where does it come into the picture? They also discuss an equation for valuing sweat equity and share more on why they encourage "farm kids" to be tracking it.
• Have you heard of heritage equity? This is an intriguing and eye-opening concept and makes a great discussion on who "owns" the equity in the rising land values.
• Merle and Annessa then dive into a conversation about off-farm children and how to make sure they are taken care of.

You DO NOT want to miss part two of this conversation. It is jammed packed with nuggets of wisdom and strategies from Merle and Annessa's work with Canadian farm families.

***Don't forget to sign up as an Impact Farming Insider so that you are first to know about all-new episodes, fantastic contests, and new promotions https://www.farmmarketer.com/impact_farming_show/sign-up ………………………….

Thank You to our Show Sponsor: PIONEER Made To Grow"The Pioneer Made To Grow" Podcast Learn More

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In this week's episode, we will be speaking to Annessa Good and Merle Good in the first of a two-part episode about Farm Transition. Merle is a Farm Business Management Consultant and has been working with farm families for decades. Annessa is a Farm Transition Advisor with Farm Credit Canada. We are excited to have this dynamic duo on the show this week because, as father and daughter, their unique situation allows them to bring a multi-faceted and multi-generational view to farm transition planning. In this week's episode, we will be discussing Succession Planning, and in next week's episode we will be discussing Estate Planning. In this episode;

• Merle and Annessa define succession planning and estate planning and share how they see them as two pillars within the umbrella process of transition planning.
• They expand on why they encourage farm families to look at who takes over the farm (succession planning) and the farm wealth (estate planning) separately and then again as part of the much larger picture.
• They speak to the importance of communication and how unspoken expectations are the silent killer on family farms.
• Merle and Annessa discuss farm roles, responsibilities, and compensation.
• They share how farming is an equity game versus an income game and they speak to why this difference is important.

This episode is jammed packed with nuggets of wisdom and strategies from Merle and Annessa's work with Canadian farm families. You DON'T want to miss this one, and make sure to tune into next week's episode for part two of this interview.

***Don't forget to sign up as an Impact Farming Insider so that you are first to know about all-new episodes, fantastic contests, and new promotions https://www.farmmarketer.com/impact_farming_show/sign-up ………………………….

Thank You to our Show Sponsor: PIONEER Made To Grow"The Pioneer Made To Grow" Podcast Learn More

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In this week's episode, we speak to Patti Durand about advice for the second generation in this episode titled "I've Got My Foot In The Door… Now What?"

As a Farm Credit Canada Business Advisor for Transition, Patti works with many farm families to assist them in transferring the farm from the founders to the junior partners. In this work, they see many trends and patterns, and Patti is excited to join us this week to share some actionable for the junior partner.

In this episode, Patti and Tracy chat about:

• Patti shares more about Farm Credit Canada's farm transition team, their work, and the difference they are looking to make in the Canadian agriculture industry.
• She shares a prevalent theme they see where junior partners (the next generation) are trying to "prove" they are ready to take over leadership and ownership of the farm; however, they are guessing BADLY at times.
• Tracy and Patti discuss the MANY factors and tasks involved in transition planning.
• Patti then shares the four key things that the junior partner on the farm can focus their efforts on in a productive way.

Are you part of the next generation that is looking to take over your family farm? Do you feel like you are spinning your wheels and getting nowhere fast? If so, we KNOW this episode is precisely what you need to hear today.

Tune in now and make sure to download the FREE resources kindly provided by Patti and her team at Farm Credit Canada.

**Don't forget to sign up as an Impact Farming Insider so that you are first to know about all-new episodes, fantastic contests, and new promotions https://www.farmmarketer.com/impact_farming_show/sign-up ………………………….

Thank You to our Show Sponsor: PIONEER Made To Grow"The Pioneer Made To Grow" Podcast Learn More

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SHOW RESOURCES

1. Pdf – Knowledge & Training Assessment - https://www.fcc-fac.ca/fcc/resources/transition-assessment-tool-e.pdf
2. Focus on Transition Video Series (5-10 minute videos talking about common pitfalls, tips and tricks) - https://youtube.com/playlist?list=PLLZ8O2XFY9E9f-QwXhdz4_mReRRShibVC

In this week's episode, we speak to Art Lange about "The Underlying Issues" regarding transition planning. Are you ready for some real talk about why transition fails to get started? If so, you are in the right place. More often than not, it's not things like taxes and wills that cause the senior generation to stall and avoid the subject. It's rarely that. It's often all the stuff that we don't want to talk about…"The Underlying Issues," and that is precisely what we are going to chat about today. In this episode, Tracy and Art discuss:

• They discuss the three biggest obstacles for founders. Are you not getting anywhere with the founders of your farm? It's likely one of these three reasons.
• They discuss what happens if a family starts doing transition planning, and then it goes downhill into arguments and ill will. What then? Art provides some great suggestions.
• Art shares how to deal with founders that refuse to discuss the subject.
• We chat briefly about the five triggers of transition planning and why it's critically important to plan before any of these triggers occur.

Are you frustrated with the transition planning, or lack thereof, on your farm? If so, this episode is for you. Whether you are a farm founder or the next generation looking to take over the farm, this episode is for you.

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SHOW RESOURCES Find a Farm Transition Advisor on CAFA website: https://www.cafanet.ca Necessary Endings: The Employees, Businesses, and Relationships That All of Us Have to Give Up in Order to Move Forward BUY TODAY The Third Pillar: How Markets and the State Leave the Community Behind BUY TODAY ...............................

Thank You to our Show Sponsor: Bayer Crop ScienceGet back to what you love. Learn More

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In this week's episode, Tracy speaks with Terry Betker about "Creating A Vision For Management," as a critical part of the transition planning process. Terry Betker is President & CEO of Backswath Management, and he has been helping farm families with transition planning for well over 20 years now. In this week's episode, he joins Tracy on The Impact Farming Show to share a growing concern that he has for something that doesn't get discussed enough in transition planning, creating a vision for management. Terry shares how it can make transition planning very difficult if you do not get this one thing right. In this episode, they chat about:

• What has remained the same, and what has changed over the last 20 years when it comes to transition planning.
• Terry shares more about the concept of creating a vision for management and why this is a critically important step to getting transition planning correct.
• They spend some time discussing what a vision for management is and why it's vital to have before farm families begin transferring ownership of assets.
• Tracy asks Terry to clarify transition planning for us, and Terry kindly breaks it down into two main categories. This part of the conversation is a real game-changer in simplifying what seems to be an overwhelmingly complex topic.
• They dive into the human condition and chat about why transition planning can be difficult for farm families. He shares some reassurance and encouragement.

Do you farm with family and have a transition on the horizon? If so, don't miss this episode as Terry's wisdom shared in this episode could impact the way your family manages and transitions the farm from now on.

............................... Don't forget to sign up as an Impact Farming Insider so that you are first to know about all-new episodes, fantastic contests, and new promotions https://www.farmmarketer.com/impact_farming_show/sign-up ………………………….

Thank You to our Show Sponsor: Bayer Crop ScienceGet back to what you love. Learn More

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In this week's episode, Tracy speaks to Gerry Friesen about "When Conflict Happens". Conflicts and misunderstandings often exist in families and can be the family businesses' greatest enemy if not handled correctly. Managing conflict is key to the survival of the business and family harmony. In this episode, Tracy and Gerry speak about:

• What conflict is and how not all conflict is actually bad. Conflict can be healthy.
• Gerry shares the five main conflict management styles that humans have. We are all different, and we all handle conflict differently.
• They talk about perspective and how critical a role it plays in healing, and most importantly, in moving beyond conflict to resolution.
• Gerry and Tracy dive into generational differences and chat about how this is often a pain point in many farm family operations. Each generation thinks, acts, and communicates differently. These individuals are also in different stages of their farming careers and often have different farming goals and ambitions.
• Did you know that communication is more than just the words you speak? Gerry reminds us of how verbal, tone, and body language play a role in our conversations.
• They discuss how important communication is in the health of a farm family business before, during, and after the farm transition.
• So, where do you start? They chat about that too. Don't miss Gerry's great suggestions that he shares throughout the episode.

If you farm with family, this is a great episode that you don't want to miss.

............................... Don't forget to sign up as an Impact Farming Insider so that you are first to know about all-new episodes, fantastic contests, and new promotions https://www.farmmarketer.com/impact_farming_show/sign-up ………………………….

Thank You to our Show Sponsor: PIONEER Made To Grow"The Pioneer Made To Grow" Podcast Learn More

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In this week's episode, we are re-broadcasting a special show in which Tracy sits down with both Brent VanParys and Elaine Froese to discuss the tough questions on Farm Transitions. In this episode, Tracy asks Brent and Elaine some of the toughest questions on farm transition:

• Who gets the Farm?
• What are farm participation policies?
• Are you actually qualified to takeover the family farm?

Join us on this week's re-broadcast, as experts Brent and Elaine discuss these loaded questions and so much more. Together, they share some honest insights and helpful tips to start or continue your transition planning conversation. If transition planning is already in the works for your farm business, or if it's on your horizon, you do not want to miss this episode!

............................... Don't forget to sign up as an Impact Farming Insider so that you are first to know about all-new episodes, fantastic contests, and new promotions https://www.farmmarketer.com/impact_farming_show/sign-up ………………………….

Thank You to our Show Sponsor: ESN Smart NitrogenThe Smartest Nitrogen Investment You Can Make

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In this week's episode, Tracy speaks to Brent VanParys about "How To Transition Plan". As farmers, we all know that we should have a transition plan in place; however, once we move past our fears and concerns for the majority, it's still unclear how to proceed. So, how exactly does a farm family start, create, and implement a transition plan? If you have ever asked this question and found yourself wondering about the answer, this episode is for you. In this episode, Tracy and Brent chat about:

• The challenges families face when doing transition planning and Brent shares some of the biggest stumbling blocks that farm families face.
• Brent walks us through the process step by step, including how and where to find an advisor and the significant role that a qualified advisor plays.
• Where do you start? What are the different "stages" of planning? Brent spends the perfect amount of time walking our audience through each and every phase of transition planning.
• Then they chat about the good stuff. What comes out of this entire transition planning. They speak about results and implementation.
• Brent shares some impactful words of wisdom with farm families about transition planning.

By the end of this episode, you will understand what transition planning is, how you get started, and how exactly a farm family begins on the transition planning journey.

............................... Don't forget to sign up as an Impact Farming Insider so that you are first to know about all-new episodes, fantastic contests, and new promotions https://www.farmmarketer.com/impact_farming_show/sign-up ………………………….

Thank You to our Show Sponsor: PIONEER Made To Grow"The Pioneer Made To Grow" Podcast Learn More

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In this week's episode, Tracy speaks to Elaine Froese about "The Role of a Farm Family Coach". Have you ever heard the term coach and wonder just what exactly the benefits of hiring a coach are? If so, this episode is for you. Elaine Froese is known as "Canada's Farm Whisper" and has worked as a farm family coach for decades. In today's episode, Tracy and Elaine chat about:

• What exactly a farm coach is and how they help farm families strengthen their farm family business.
• Elaine shares some of the many reasons that farm families hire her.
• We discuss the benefits of hiring a coach and how her proven processes move families from challenges to solutions.
• How coaching gets you unstuck when you are caught in the trap of doing it on your own and mustering through.
• Tracy shares some of the concerns that she had when she first hired a coach for her business. Concerns over privacy and judgment often keep us stuck and stops us from asking for help.
• They review what it looks like to hire a coach, answering many of the unknowns and questions that farmers often have around hiring professional expertise for their farming operation.
• Most importantly, they talk about the breakthroughs that can happen through coaching, and Elaine shares a few of her #healingstories4ag.

Coaching is quickly becoming an increasingly popular strategy for top-performing farms that want to successfully work together and transition healthy, happy, and financially viable farmers. Don't miss this episode with Canada's one and only "Farm Whisperer," Elaine Froese.

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Show Resources:

FREE Discovery Call: Elaine offers a free consultation if you are interested in learning more about her services. You can connect with Elaine here https://elainefroese.com/contact/

Book Recommendations:

• Elaine's Books: https://elainefroese.com/store/

• "Change Your Questions, Change Your Life" by Marilee Adams

• "Necessary Endings" by Dr. Henry Cloud

............................... Don't forget to sign up as an Impact Farming Insider so that you are first to know about all-new episodes, fantastic contests, and new promotions https://www.farmmarketer.com/impact_farming_show/sign-up ………………………….

Thank You to our Show Sponsor: FCC Knowledge Podcast "Talking Farm and Food" with Marty Seymour Learn More

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In this week's episode, we are recalling episode 54. Tracy sits down with Elaine Froese to discuss "Finding Fairness in Farm Transition". Elaine states how farm transitions needs to be a change in our language and our mindset. She relates the transition to a tsunami as there is procrastination, conflict and avoidance. Most often these conversations are avoided until absolutely necessary and Elaine is here to help guide us through these tough conversations before fights and hurt set in. You don't want to miss out on this informative discussion!