Farm Transition Part #1: Succession Planning w/Merle Good and Annessa Good

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.

 

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