Picture the one person your farm cannot run without. Now picture their chair empty tomorrow morning. Can someone else access the accounts, make payroll, or explain what the farm owes and why? If those answers only live in one person's head, the farm is not prepared, no matter how good the balance sheet looks.
Jace Young grew up watching his grandfather's 55 year, multimillion dollar Kansas farm operation collapse into bankruptcy in 2005, then built Legacy Farmer to help other families get their financial house in order before the same...
Picture the one person your farm cannot run without. Now picture their chair empty tomorrow morning. Can someone else access the accounts, make payroll, or explain what the farm owes and why? If those answers only live in one person's head, the farm is not prepared, no matter how good the balance sheet looks.
Jace Young grew up watching his grandfather's 55 year, multimillion dollar Kansas farm operation collapse into bankruptcy in 2005, then built Legacy Farmer to help other families get their financial house in order before the same thing happens to them. Jolene Bolding, Manager of Advisory Services at Farm Credit Canada, has her own story of a farm sale her family decided on before she ever got a seat at the table. Wade Berlinic, Associate Broker with Hammond Realty's Ag Exits and Acquisitions Strategies team, sees what happens when that conversation gets put off until the land is already on the market.
Together they walk through why only 12 percent of Canadian farms have an actual transition plan, what it costs a family when nobody has one, and the five stage process Jace uses to move an operation from financial blind spots to a plan everyone in the family can actually see.
What's Inside
- Why a farm can look bulletproof on paper and still not be prepared for one empty chair
- The story behind Jace Young's grandfather losing a 55 year, multimillion dollar Kansas operation, and what it did to the family afterward
- Why only 12 percent of Canadian farms have a written transition plan, and what that gap actually costs
- The five stage process Legacy Farmer uses to move a family from financial blind spots to a real plan: Position, Production, Profit, Protection, and Prosper
- Why the conversation almost never starts with the numbers, it starts with pride, ego, and who is willing to ask for help
- What $55 billion in Canadian farm assets transferring in the next decade means for every family still putting this conversation off
If this conversation hits home, go back in the catalog for our episode with Elaine Froese on farm family transition and communication, one of the clearest voices in Western Canada on getting these conversations started before they're forced. It also pairs well with our conversation with Robert Andjelic on where farmland capital is actually moving right now.
Resources Mentioned
Legacy Farmer's five stage framework: Position, Production, Profit, Protection, Prosper
Connect with Jace Young
LegacyFarmer.com
Connect with Jolene Bolding
Reach out to your local FCC field office to connect with a business advisor
Connect with Wade Berlinic
- Hammond Realty
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