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There comes a time when a spouse who’s been working off the farm asks the question — How many farms can this family support? The answer may
not be easy.
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Recent studies have shown that only about half the farmers who plan to retire in the next few years have a succession plan. Elaine reviews some of the
excuses, and how to get beyond them.
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If we think there's no deadline, we tend to put it off, but if you want the children to take over, the deadline may be looming sooner than you think.
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It's inevitable, but too often we fail to plan for it. In this segment, Elaine suggests steps to leave a lasting legacy, and to ease the burden for
the farm and the family when a farmer passes away.
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It's inevitable — all of us will pass on sometime. Elaine recommends compiling a binder containing everything from financial information to
instructions for your funeral.
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One of the main sources of conflict in the multi-generational farm is the farmhouse. Elaine talks about how to make the transition if a new generation
is moving in.
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The brother who stayed on the farm is getting free room and board. The sister who left fills up with gas when she comes home on the weekend. Elaine talks
about ways to ensure perception and reality of equitable benefits from the family farm.
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The farmhouse is both the heart of the family, and the heart of the farm. Passing it to the next generation can be a difficult process, but there are
ways to do it which can work out well for everyone.
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After her parents and/or her husband have passed away, Grandma often ends up owning the farm. If it seems as if she’s taking too much control, it
may be because of poor treatment in the past or concern about her future.
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Changing the management or ownership of a farm need not be viewed as “the first nail in the coffin.” Elaine talks about how to make the transition
to something different and enjoyable.
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“Here you go, but you can only do this with it.” If there are conditions attached to a gift of money, it’s not a gift, but manipulation.
Lending, however, is a different matter.
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When times are good, older farmers want to share the wealth with their children. That’s a fine idea, but if there are strings attached, there can
be pitfalls.
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Mom and Dad may always say they want the kids to take over, but there comes a time when they actually have to start letting go. Elaine suggests ways to
start that difficult discussion.
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The red one or the green one? The business side of farming requires a cost-benefit, but farmers need to admit that emotions are also a factor, and now
how to manage them.
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Many of today’s farms are large, sound and well- managed businesses, but surprisingly many lack proper arrangements in the event of a death of a
shareholder. Elaine discusses the importance of both wills and powers of attorney.
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“We’ll feed the farm first.” The farm is important, but sometimes it turns into the monster that eats all the cash. Elaine Froese talks
about how farmers are important too.
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Studies show that rest and getting away from the business can help productivity. That should include the farming business.
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Making assumptions about other members of the extended farm family can lead to problems. Elaine talks about how to open helpful dialogue.
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How to get around the “my way or the highway” attitude that leads to family conflicts and delays the planning needed for the farm’s future.
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An audit isn't necessarily something to fear. Farm family coach Elaine Froese has developed a tool for each family member to define what they want from
their farming operation.
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Not every child wants to stay at home to operate the farm. Some move away to new locations and new careers. How do you fairly allocate the value for each
child in a succession plan?
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“We’ll feed the farm first.” The farm is important, but sometimes it turns into the monster that eats all the cash. Elaine Froese talks about how farmers
are important too.
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It’s been called the “land mine issue.” Introducing that new person to both the family and the business does not always go smoothly.