While it’s quick and easy to get your farm into a corporation, it’s very complicated to get it out. Farmer and charted accountant, Lance Stockbrugger shares some of the long-term impacts of incorporation.
Learn how one family created a farm transition plan that gave them a clear roadmap for future operation success.
When times are good, the division of what's fair, right and equal in farm transition can be a challenge for farm and off-farm children.
Farms are expensive. For families in transition, ensuring the next generation has enough capital to buy the farm while leaving the previous generation with enough to retire can be challenging.
Enacting joint ownership for property and other assets is a common tactic in estate planning. It’s easy to implement, however, hard to retract, and can bring business-ruining risks.
Their grandfather's retirement and an open transition conversation helped brothers Bryan and Kyle Maynard build a successful operation with room to grow.
Farm business owners can choose from a number of valuation methods to make good decisions around the value of their operations.
The following fictional case study, created by BDO Canada, illustrates how the absence of a farm transition plan can throw a family into turmoil when the unexpected happens.
What if there are no family members to take over the family farm?
In this BDO Case Study, we look at a farm transition scenario where a childless farm couple find a lucrative option of transferring the farm to their employee.