Mind Your Farm Business
RealAgriculture
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Mind Your Farm Business (MYFB) is an audio series featuring thought-provoking leading business management experts in an engaging format and is brought to you by RBC.
Available episodes
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Nov 24, 2023
Mind Your Farm Business — Ep. 92: The importance of an accurate and complete cost of equipment per acre
If improving the cost of production is on your farming to-do list, starting with accurate numbers is a must. If the equipment side of the equation has you stuck on what to include, why, and how to get caught up on where your records should be, this is the Mind Your Farm Business podcast for... Read More
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Nov 8, 2023
Mind Your Farm Business — Ep. 91: Being a relatable, responsible, reliable leader
What does it mean to be a great leader? For Dan Quiggle, true leadership is serving others to help them succeed, relating to staff and colleagues as real people, and taking responsibility for being focused and present in a given moment. Quiggle, founder of The Quiggle Group, is a dynamic and inspiring leader, and someone... Read More
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Oct 13, 2023
Mind Your Farm Business — Ep. 90: Facing fear in business and in life
What would you try if you knew you couldn’t fail? Fear can be very motivating (ever been chased by a bull in a pasture?) but fear — of failure, of success, of the unknown — can also be paralyzing. Each person’s experience with fear is different, but it’s the very real stories of overcoming fear... Read More
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Sep 7, 2023
Mind Your Farm Business — Ep. 89: Making put and call options an approachable tool
We often hear that farming is a risky game, due to a massive amount of variables. When you have risk, you need to do what you can to make sure that you’re limiting the potential downside. It’s not realistic to make a farm business risk-neutral, but we can limit the exposure to losses through risk... Read More
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Jul 31, 2023
Mind Your Farm Business — Ep. 88: Putting the whole picture together
Many times on the Mind Your Farm Business podcast we focus on one issue or topic, as if challenges run independent of each other. On this episode, host Shaun Haney throws that all out the window, and attempts to cover a cloud of issues in farm management. There are many issues impacting the farmers and... Read More
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Jul 4, 2023
Mind Your Farm Business — Ep. 87: The new realities of people management
Agriculture has long struggled to attract and retain enough people at nearly every stage of the industry; from general labour, to skilled operators, to farm management, and in the c-suite. In certain geographies, local job markets have made things even more difficult, as higher paying jobs pulled people away from the farm. But now, just... Read More
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Jun 7, 2023
Mind Your Farm Business — Ep. 86: Strategic storytelling
Those in agriculture have been encouraged to “tell their story” for years, all in the name of maintaining the social license to operate, or to gain acceptance and understanding of farm practices by the public. But there’s another reason for farmers and agri-business owners to tell a good story: to attract and retain great staff... Read More
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May 9, 2023
Mind Your Farm Business — Ep. 85: Clarifying a timeline for farm transition
If you are a farmer or farm business owner, succession planning is a critical process that you cannot afford to overlook. Succession planning involves transferring ownership and management of your farm business to the next generation, and it is essential for ensuring the long-term viability of your business and your family’s financial future. In this... Read More
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Apr 12, 2023
Mind Your Farm Business — Ep. 84: The payback of investing in onboarding employees
Many entrepreneurs struggle with finding the right people to join their team. Right now, the employment market is also very tight as supply is low, and competitiveness for workers is so strong. So much attention is paid to the recruitment of new employees, but how often do we actually focus on the onboarding process? Research... Read More
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Mar 14, 2023
Mind Your Farm Business — Ep. 83: Team building under pressure
There are many parallels between coaching and team sports and running an effective work force. Leveraging skill sets, managing personality conflicts, goal setting, and teamwork are just as relevant during the seeding season or harvest as they are on the pitch or playing field. For this episode of the Mind Your Farm Business podcast, host... Read More
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Feb 20, 2023
Mind Your Farm Business — Ep. 82: Hiring right the first time
There’s a saying that goes hire slow and fire fast. But does that old adage hold true? Amber Johnson, CEO and owner of Forge Performance Group, based in Alberta, says that there isn’t a simple answer to that; if you’ve done the right preparation work ahead of time, asked key questions, and offered a comprehensive... Read More
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Jan 4, 2023
Mind Your Farm Business — Ep. 81: Chase the Bears with your farm business
What’s your big, scary dream? The one you really feel you want to achieve? If you’re stuck on how to reach it, former U.S. member of congress Ric Keller says you have to do two things: write it down and then read it day and night. Keller has written a book on goal setting and... Read More
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Dec 19, 2022
Mind Your Farm Business — Ep. 80: Culture, core-values, and high performing teams
Strong culture and core values are the foundation of a well-functioning team. This applies to business, sports, and, yes, families. When business meets family, as often is the experience for farmers, family members need to work together to define the core values of their operation. In this episode of The Mind Your Farm Business podcast,... Read More
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Dec 5, 2022
Mind Your Farm Business — Ep. 79: Planning for business growth
You can’t grow the farm out of a problem. If growth of the farm is in the plan — whether driven by outside influences or an internal dream, such as bringing more people in to the farm structure — it pays to take a hard look inward and backward first, before forging ahead. Michael Langemeier... Read More
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Nov 16, 2022
Mind Your Farm Business — Ep. 78: The perks and pitfalls of the generation gap
One of the biggest rewards of working in a family business is the opportunity to work every day with multiple generations. This can provide mentorship, learning, and truly rewarding memories and experiences, but it can also present real challenges. Generational differences are real but also sometimes misunderstood, as stereotypes skew perceptions and behaviours. For this... Read More
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Oct 28, 2022
Mind Your Farm Business — Ep. 77: Budgeting on the farm
If the farm is waiting for the tax filing to sort out profit and loss, decisions are being made for close to a year, and maybe more, without a full financial picture. Budgeting may be up there on the favourites list with a root canal or unclogging toilets; it’s rare that someone really loves developing... Read More
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Sep 13, 2022
Mind Your Farm Business — Ep. 76: The power of peer groups
Peer to peer learning is incredibly useful in any business, and agriculture is no different. Put simply, peer groups allow for the collective sharing of great ideas. Perhaps just as valuable, they also allow for the collective learning of hard lessons, so that peers within a group don’t have to make the same mistakes. Evan... Read More
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Aug 8, 2022
Mind Your Farm Business — Ep. 75: Personality assessments and their role in business culture
The work culture of a farm is much like its reputation — whether it’s intentional or not, it still exists. What makes a work culture? It’s not just people, it’s the behaviour of the people and how well they live out a business’s core values that create a work culture. People’s behaviour is shaped by... Read More
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Jul 6, 2022
Mind Your Farm Business — Ep 74: The importance of key performance indicators
You can’t manage what you don’t measure, so the saying goes, but what you measure is just as important. If you aren’t familiar with KPIs — key performance indicators — this episode of Mind Your Farm Business is for you. Measuring the right things is just as important as the initial step to begin measuring... Read More
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Apr 18, 2022
Mind Your Farm Business – Ep. 73: Effective managers: the why, when and how of consulting
When you are managing a farm or agriculture business of any size, some areas may feel more daunting than others, or you quickly realize where strengths are and which avenues could benefit from outside help. That’s when it’s time to hire consultants. There is no shortage of consultants specializing in a variety of topics including... Read More
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Mar 21, 2022
Mind Your Farm Business — Ep. 72: Assembling an advisory board
We’ve talked about the “why” of creating an advisory board for the farm or agriculture business, but the “how” of setting one up requires some discussion, as well. Terry Betker, founder of Backswath Management, says that putting together an advisory board is perhaps a little different than you might think at first. Maybe people’s minds... Read More
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Feb 24, 2022
Mind Your Farm Business — Ep. 71: The burnout gamble
There is a difference between good work ethic and commitment and pushing too hard, to the point of burnout. What does burnout look like? And how do you balance racing against the weather, but stopping at “enough”? For those answers, host Shaun Haney goes to Hamza Khan, speaker and author of The Burnout Gamble, for... Read More
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Jan 24, 2022
Mind Your Farm Business — Ep. 70: Making time for time management
If ever you’ve been frustrated by seemingly never getting to those big jobs you’d like to work on, or you feel like all you need to do is work faster and harder to get where you want to be, Chris Croft has six strategies he’d like you to try. Croft is a management trainer and... Read More
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Dec 9, 2021
Mind Your Farm Business — Ep. 69: BMPs for keeping up-to-date financial records
Year-end financial statements aren’t just for year-end reviews — especially if they happen months after the year-end. Realistically, if you’re not reviewing the books until months later, the decisions being made in the present aren’t fully informed by the reality of the business situation, says Lisa Miller, partner with MNP Agriculture, based at Edmonton, Alta.... Read More
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Nov 18, 2021
Mind Your Farm Business — Ep. 68: Making multi-generational farm management work
It would seem that no one has ever told the Jochums that “too many cooks spoil the broth.” Günter, Crystal, and daughter Fiona Jochum farm together just west of Winnipeg, Man. But they don’t just farm as a family, they also farm with Gunter’s brother-in-law. All told, there are a number of managers, and Günter... Read More
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Nov 2, 2021
Mind Your Farm Business — Ep. 67: Generational differences, Part 2: Goal setting & capital spending
Understanding how multi-generation farms approach big-picture topics can help farm management teams (i.e. family members) better navigate difficult conversations on the future of the farm. In this second part of a discussion with Justin Funk, managing partner of AgriStudies, podcast host Shaun Haney explores how differences in how generations set goals, measure progress, use technology, and... Read More
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Oct 19, 2021
Mind Your Farm Business — Ep. 66: Generational differences in farm management, part 1
When different generations work together in the farm business, conflict can arise over responsibility, ownership, succession, and day-to-day operations of the farm. Justin Funk, managing partner of AgriStudies, has done extensive research on what makes intergenerational farms unique in how they operate. In this Mind Your Farm Business podcast, Funk shares how differences in doing... Read More
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Oct 5, 2021
Mind Your Farm Business — Ep. 65: Dealing with chronic stress and trauma
Biologically speaking, some stress is good for the body. Stress responses are necessary at times to act quickly, to run, or to see a project through. That said, too much stress or being under stress for too long can lead to both mental and physical hardship. Farmers, as a group, are 68 per cent more... Read More
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Jul 28, 2021
Mind Your Farm Business — Ep. 64: Measuring Return on Investment
What a particular cost or investment adds to the business should be easy to assess and measure, but in reality calculating return on investment (ROI) can be inconsistent and difficult. As David Widmar, of Agriculture Economic Insights explains, ROI should be a simple calculation, but it’s not a perfect measure of performance as there are so... Read More
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Jun 23, 2021
Mind Your Farm Business — Ep. 63: Make Meetings Matter
If your farm is not one that holds regular meetings, this is your encouragement to start small… but start. That’s because research shows that business that hold regular meetings are more profitable than those that do not. We’re not talking about a morning tailgate chat on what’s ahead — that’s an operational meeting to start the... Read More
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May 31, 2021
Mind Your Farm Business — Ep. 62: Good governance is good business
The rules of order around a boardroom table may seem unimportant to a discussion on farm management, but the more complex a farm becomes, the more important good governance becomes. Brian Hayward, long-time agriculture business leader and now author of The Great Chair: A Window on Effective Board Leadership, says that as soon as a... Read More
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Apr 20, 2021
Mind Your Farm Business — Ep. 61: A plan for professional development
Professional development isn’t just for those in corporate agriculture and it’s not just for those looking at taking on a new role, either. Vik Kail, human resources leader for Corteva Agriscience, says that there’s a place for professional development, both formally and informally, for all levels of employees, including owners and managers. Kail looks at... Read More
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Mar 30, 2021
Mind Your Farm Business — Ep. 60: Unconventional succession planning
Farming with family can be rewarding, and also stressful. Transitioning a farm’s ownership from one generation to the next can be emotionally-charged and high stress, but would it be easier or any different if you were selling the business to a non-family member? Dick Wittman of Wittman Consulting says that many farmers may feel as... Read More
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Feb 25, 2021
Mind Your Farm Business — Ep. 59: Learning to lead through conflict
In leadership, aggressive behaviour can actually be less harmful to business than passivity. In other words, being unwilling to discuss a problem is actually more detrimental that having an argument about it. But just knowing that doesn’t make dealing with conflict any easier says Kelly Dobson, chief leadership officer at LeaderShift. In this Mind Your... Read More
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Jan 28, 2021
Mind Your Farm Business — Ep. 58: Establishing your farm brand
Branding a farm is a concept that is maybe in its infancy for some farm owners. We all know the power of branding, and there are certain companies out there that all of us can think of, but what about your farm? There are farms that have retail or direct consumer models that if branded... Read More
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Dec 16, 2020
Mind Your Farm Business — Ep. 57: Managing currency risk at the farm level
In the busyness of the everyday, it stands to reason that some risk management issues fall to the back of your mind. Currency risk is one of those that might seem so out of your control that it’s not worth the brain power, but understanding what direction the Canadian dollar is headed and how that... Read More
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Nov 25, 2020
Mind Your Farm Business — Ep. 56: How to bump farm profitability at the meeting, not kitchen, table
Family farms that hold regular business meetings are 21 per cent more profitable than those who don’t. That may be, but the mere mention of “meeting” likely makes you roll your eyes or maybe grumble in disapproval. Family meetings might bring up some not-so-pleasant memories, but Elaine Froese, farm family coach, says it doesn’t have... Read More
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Oct 20, 2020
Mind Your Farm Business — Ep. 55: Training the next generation of farm leaders
Farming is such a diverse industry with so many operation types that add value to the industry. Canadian Young Farmers’ Forum (CYFF) was established in 1997, with the goal to assist young farmers with information while exchanging ideas that lead to progressive strategies, to ensure farming success in Canada. The organization hosts speakers and innovative... Read More
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Sep 25, 2020
Mind Your Farm Business — Ep. 54: Leveraging the power of an advisory board
Creating an advisory board for your farm business can be an effective way to bring outside experience, perspective, and expertise on to the farm, without adding to the management team. As some farms are learning, the overall size and complexity of the farm business has grown far beyond what just one, or a few people... Read More
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Aug 24, 2020
Mind Your Farm Business — Ep. 53: Data driven profit decisions
Yield maps aren’t the only data points to collect and analyze. Farms generate all sorts of information that could be useful in determining profit, wasted time or resources, or identifying opportunity. The trouble is, some farms are either generating data with no clear means of using it, or are missing out on capturing simple data... Read More
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Aug 5, 2020
Mind Your Farm Business — Ep. 52: Buying the farm: one share at a time
Emotion, money, and legacy are three factors that can potentially contribute to a very bumpy farm business succession. A farm transition doesn’t have to end badly, but too often farm families ignore best practices for a succession, based on the illusion that your farm is different from everyone else’s. While every farm is unique in... Read More
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Jul 2, 2020
Mind Your Farm Business — Ep. 51: Navigating farm support programs
If you’re frustrated by how government support programs are designed or overwhelmed by navigating the paperwork, you’re certainly not alone. The numbers speak for themselves — enrolment in the main suite of federal programs has been dropping steadily for years. A recent letter from the Standing Committee on Agriculture to the Minister of Agriculture and... Read More
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Jun 10, 2020
Mind Your Farm Business — Ep. 50: Leverage and liquidity: making the most of a low interest rate
In an era of “cheap” money, farms could take advantage to solve working capital shortages, set aside savings, or plan for a business transition. But debt restructuring, or taking on more debt even at low rates, is not without its pitfalls. For this episode of the Mind Your Farm Business podcast, Terry Betker, president, and... Read More
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Apr 28, 2020
Mind Your Farm Business — Ep. 49: Staying safe on the farm during COVID-19
What happens if you, someone else on the farm, or one of your employees gets sick or must self-isolate during the spring planting or calving season? It’s a scenario every farm should prepare for in the midst of the current pandemic, says Jennifer Wright. A cough or a runny nose is usually not an excuse... Read More
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Feb 4, 2020
Mind Your Farm Business — Ep. 48: Avoiding marketing plan pitfalls
What carries greater downside risk: having to sell in a down market to generate cash flow, or pre-selling a crop in increments? The short answer is it depends, but the in-depth explanation is that panic or stressed sales by their nature are rarely the most profitable. Pre-selling some crop carries a risk, yes, but there... Read More
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Jan 9, 2020
Mind Your Farm Business — Ep. 47: Climbing the value chain
At some point, likely every farmer has been frustrated with markets and pricing, and thought about moving past commodity production and up the value chain. But as many quickly learn, direct marketing, dealing with processors, or even becoming a processor is not for everyone. In this episode of Mind Your Farm Business, Jeff Nonay, a... Read More
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Nov 20, 2019
Mind Your Farm Business — Ep. 46: Navigating multi-generational farm management
Working with family can be the most rewarding part of the farm business, but it also has the potential to be one of the most challenging aspects, full of emotion, relationship evolution, and conflict. In this episode of Mind Your Farm Business, host Shaun Haney is joined by Ed and Lyle Peters, father-son farm partners... Read More
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Oct 18, 2019
Mind Your Farm Business — Ep. 45: Pushing agriculture into economic primetime
There’s no doubt that the world of international trade has been rough and tumble the last while, but that doesn’t mean Canada shouldn’t continue to participate. Beyond just participating, Canada should be actively investing in agriculture’s major potential on the world stage now, and in the decades to come. It’s no secret to those in... Read More
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Sep 26, 2019
Mind Your Farm Business — Ep. 44: Pre-nups, post-nups, and estate planning: agreements to save the farm
It’s unlikely that anyone goes in to a marriage expecting it to fail, but the reality is that marriages do end, and when a farm business and farm property is involved it can get very messy, very quickly — It doesn’t have to be this way. Instead of thinking of a pre-nuptial agreement as an... Read More
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Aug 8, 2019
Mind Your Farm Business — Ep. 43: Farming through adversity
The good times in agriculture tend to happen in 40-year cycles. Unfortunately, for anyone kicking off a farming career this year, one of those cycles just ended. While the good times might be over, this particular up cycle lasted a particularly long time — and that may be why the downward swing has caught many... Read More
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Jul 10, 2019
Mind Your Farm Business — Ep. 42: The impact of women in agriculture
Behind the scenes, to front and centre, women have always played a critical role in farming and in the agriculture industry. In this episode of Mind Your Farm Business, host Shaun Haney speaks with three women from unique backgrounds and stages of their careers, to talk about their perspective on the challenges and opportunities that... Read More
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Jun 21, 2019
Mind Your Farm Business — Ep. 41: Being intentional building and measuring trust
Trust is the basic building block of all relationships. You can’t have accountability, commitment, or constructive conflict without first having trust. A lack of trust or a breach of it is a business risk, but how do we first measure, then manage that risk? Trust, like the word strategy, is thrown around largely as a... Read More
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May 28, 2019
Mind Your Farm Business — Ep. 40: Chasing rabbits and long-term planning
Has anyone ever told you, “you have to have a plan”? For many small businesses, creating and monitoring a plan can be difficult, but if done right, a long-term plan will provide the tools for long-term success. In this Mind Your Farm Business podcast, Larry Martin, principal with Agri-food Management Excellence, and owner of Dr.... Read More
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May 2, 2019
Mind Your Farm Business — Ep. 39: Making headway on mental health in agriculture
Economic health. Physical health. Environmental health. These are all factors we consider when looking at our overall health on the farm, but how often do we take a look at our mental health? We all know that farming is stressful, especially since it involves unpredictable variables such as weather, markets, and family. Farmers across the... Read More
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Apr 5, 2019
Mind Your Farm Business — Ep. 38: What’s the tax implication of buying vs. leasing?
There are some stubborn myths in agriculture — rain falls 90 days after fog, wheat should be seeded in bushels per acre, and there’s a tax advantage to leasing versus buying equipment. In reality though, each of these statements is at least somewhat false. Fog and rain are not correlated, wheat should be planted in... Read More
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Mar 14, 2019
Mind Your Farm Business — Ep. 37: The value of mentorship
Who learns more from a mentorship — the mentor or the mentee? The answer may surprise you. As Deb Stark, former deputy minister of agriculture for Ontario, explains, a good mentoring relationship has value for all parties involved, but success requires communication and commitment from those involved. In this episode of Mind Your Farm Business,... Read More
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Feb 25, 2019
Mind Your Farm Business — Ep. 36: Evaluating bleeding edge vs. leading edge farm technology
What is something you don’t know about your farm right now that you’d like to know? Is there technology out there to solve a particular problem you have? When it comes to navigating the very noisy space that is farm technology, Rob Saik, agrologist and agriculture technology leader, says these questions are a good place... Read More
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Dec 10, 2018
Mind Your Farm Business — Ep. 35: Taking care of business, and you
Like Bachman Turner Overdrive says, you’re “Taking care of business and working overtime,” — but do you take time to care for you? In this episode of Mind Your Farm Business, Chip Eichelberger, renowned motivational speaker, explains the importance of taking care of yourself in order to succeed in your business. Reflecting back on an event where he spoke... Read More
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Sep 26, 2018
Mind Your Farm Business — Ep. 34: The sweat equity trap
Capital assets don’t buy groceries. If this statement makes you scratch your head a little, you’re likely the older generation on the farm. If you read it and think, “Don’t I know it” you might be the in-coming generation, and very likely frustrated by the lack of clarity on how the farm’s equity and income... Read More
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Aug 3, 2018
Mind Your Farm Business — Ep. 33: When parents won’t talk about farm succession
Believe it or not, the farm transition can actually be a joyful journey. But that can only happen once three things are established: Is the business going to continue? When would you like it to continue? (starting now, or with a reading of the will) Who will lead the business in the next phase? That’s... Read More
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Jun 11, 2018
Mind Your Farm Business — Ep. 32: Putting a value on public trust
If we can’t manage what we can’t measure, how do we approach the very real risk of losing public trust in how food gets grown? “Public trust is one of those things where we don’t know the full value of it until we’ve lost it,” says Crystal MacKay, president of the Canadian Centre for Food... Read More
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May 1, 2018
Mind Your Farm Business — Ep. 31: Four elements of a human resource plan
Which questions do you ask potential new hires? Where to you find your next star farm employee? Is the employee handbook up to date? If you laughed and thought, we don’t even HAVE an employee handbook, this podcast episode is for you. In this Mind Your Farm Business episode, host Shaun Haney takes us on... Read More
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Mar 28, 2018
Mind Your Farm Business — Ep. 30: When and why to incorporate the farm
Perhaps more contentious than the buy versus rent debate is the question of when and why to incorporate the farm. The federal government proposed sweeping changes to how taxes were calculated for corporations last summer. The changes were met with significant push-back from the farm community, as the new rules would have a significant impact... Read More
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Oct 6, 2017
Mind Your Farm Business — Ep. 29: Putting together a solid farm business plan
No two farm business plans are identical. A young, aggressive producer focused on expanding likely needs a comprehensive business plan with detailed cash flow and business projections to satisfy investors and partners. On the other extreme, the business plan for an established farm with no children interested in taking over can be very simple —... Read More
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Sep 13, 2017
Mind Your Farm Business — Ep. 28: The senior partner’s perspective on succession
Every farm succession plan starts and stops with the older generation. In most cases, it’s up to mom and/or dad to determine how and when the transition moves forward. For farm families who are stuck in that process, it’s usually not from a lack of desire to execute, but from paralysis — not knowing where... Read More
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Aug 10, 2017
Mind Your Farm Business — Ep. 27: The younger partner’s perspective on succession
Many times we look at farm succession from a very holistic point of view, through a lens focused on the overall process and all the people involved. But this can make things very complicated. Sometimes we need to look at one generation at a time. What are their concerns/desires/needs in this process? In this Mind Your... Read More
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Jul 17, 2017
Mind Your Farm Business — Ep. 26: Before the funeral home
Building a successful farm takes many years of hard work and dedication. That’s well understood. But what it takes to continue that success into the next generation is often forgotten, or put off until it’s too late. What comes next? What will happen to my business when I am no longer able to run it?... Read More
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Jun 17, 2017
Mind Your Farm Business — Ep. 25: Steering through business risk and financial risk (and what’s the difference?)
Risk — a four letter word that drives farmers crazy. As farmers, our chances of success are greatest when we know the risks we’re exposed to and have mitigated risks that are in our control. To help us dive deeper into the topic of risk – specifically business risk and financial risk – RealAgriculture’s Shaun... Read More
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May 3, 2017
Mind Your Farm Business — Ep. 24: Can break-even be your worst case scenario?
If when you think of risk in farming you think only of uncontrollable things, like the weather and global trade, or only crop price slides, you’ve likely missed an opportunity to take a more proactive approach to risk management. While it’s easy to get overwhelmed by ‘what if’ scenarios and all the different forms of... Read More
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Oct 20, 2016
Mind Your Farm Business — Ep. 23: Four Elements of a Well-Crafted Farm Business Plan
The finding is staggering. A recent IPSOS Reid poll found that certain farms achieve five-times higher return on assets because of one key element. Perhaps more surprising is how accessible this element of a farm business is — it’s a written business plan. That number is impressive, but even more striking is the associated finding that... Read More
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Sep 28, 2016
Mind Your Farm Business — Ep. 22: What’s Fair is Not Always What’s Equal
“One day, this will all be yours.” If this is the sum total of succession planning you’ve done as a farm owner, or if, as the son or daughter, you’ve heard this one too many times with nothing to show for it — the interview below is a must listen. On this episode of the... Read More
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Aug 29, 2016
Mind Your Farm Business — Ep. 21: Marrying Into the Family Farm
Family farms involve a complex interaction between two worlds — the family and the business, and both these worlds are impacted when a new person arrives. This person can be the glue that keeps things together, or the dynamite that blows things apart. We’re talking about what happens when a son or daughter-in-law marries into... Read More
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Jul 6, 2016
Mind Your Farm Business — Ep. 20: Attracting and Retaining Employees
As Canadian farms continue to grow, so does the need for talented employees who can help farmers reach their business goals. But how do you find and attract these individuals? And once you have them in your employ, how do you keep them? Human resource consultant Lynn Perry joins us for episode 20 of the... Read More
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Jun 6, 2016
Mind Your Farm Business — Ep. 19: Taking Advantage of Trade Agreements
We often hear of the importance of trade, with headlines updating us on international trade deals. But, that’s only the tip of the iceberg. With each trade deal there are opportunities and risks, and it’s up to individual businesses, including farms, to assess how they could be impacted. “We’re a trading country and our agri-food sector depends... Read More
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May 10, 2016
Mind Your Farm Business — Ep. 18: The Makings of an Innovative Farmer
“Innovation” is a buzzword in today’s world, often associated with technology, but it’s not necessarily about gadgets, as our guest for this episode in the Mind Your Farm Business series points out. “Innovation really is about grabbing ideas from other parts of the planet or other ideas you see people doing and bringing that back... Read More
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Apr 15, 2016
Mind Your Farm Business — Ep. 17: Where Is Your Farm At Risk?
When thinking about risks to your farm, what comes to mind? Weather and market risks are usually at the top of the list, but there are many other areas where a farm business may be exposed. These risks are often unrecognized because nobody’s taken the time to go through an exercise of assessing risks and determining... Read More
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Mar 22, 2016
Mind Your Farm Business — Ep. 16: The Importance of Working Capital
Working capital is the king of financial metrics, especially during the bottom of a market cycle. A farm can have large swaths of land and other equity on its balance sheet, but if it doesn’t have cash or liquid assets to make monthly payments, the business will soon be in trouble. “A wheelbarrow full of... Read More
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Mar 8, 2016
Mind Your Farm Business — Ep. 15: Joint Ventures, Mergers & Farm Marriages
In the past, farms looking to grow simply bought more land, but that’s not as easy as it used to be. Rising land prices are forcing producers to be creative in finding opportunities for growth, which in some cases leads to joint ventures, mergers and acquisitions — the topic of this episode of the Mind Your Farm Business podcast. “The... Read More
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Feb 19, 2016
Mind Your Farm Business — Ep. 14: The Business Scorecard
In what areas does your farm business excel? What are you poor at? And how can you respond to make improvements? Self-assessment and continuous improvement are what separates high-performance farms from the average. Rob Hannam, President and Client Director of Synthesis Agri-Food Network, joins us for episode 14 of the Mind Your Farm Business podcast... Read More
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Feb 2, 2016
Mind Your Farm Business — Ep. 13: Small Changes Lead to Big Wins
Forget the silver bullet, whether it’s some nonexistent piece of machinery or the latest snake oil crop input. In reality, the key to boosting a farm’s bottom line is incremental improvements that add up. Kristjan Hebert (@kristjanhebert) is a farmer from Fairlight, Saskatchewan and a proponent of the “five percent rule” — a philosophy advanced by Danny Klinefelter of Texas A&M that stresses... Read More
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Nov 6, 2015
Mind Your Farm Business — Ep. 11: Bootstrapping Your Balance Sheet
In case anybody needs reminding, agriculture is a cyclical business. It’s important to pad the balance sheet during good years to ensure a farm or business remains healthy during tougher times, as parts of the ag industry are experiencing right now. In this “Mind Your Farm Business” episode, we focus on using a balance sheet... Read More
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Oct 22, 2015
Mind Your Farm Business — Ep. 10: Farm Financial Ratios to Focus On
Financial ratios serve three main purposes: they provide a quick assessment of a business’s financial health, they’re a tool for diagnosing financial problems if they exist, and they serve as a measurement for assessing whether problems are being solved. “They show you where you’ve been, they show you where you have a problem and they... Read More
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Oct 12, 2015
Mind Your Farm Business — Ep. 9: Preparing for the Day Interest Rates Rise
In an era of low interest rates, it’s easy to become complacent about the cost of borrowing money, but the day will come when rates rise again. How would your farm handle a one percent increase in rates? What about a three percent rise? Or five percent? Those levels would still be well within the... Read More
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Sep 23, 2015
Mind Your Farm Business — Ep. 8: Accrual Accounting as a Tool for Measuring Profitability
What comes to mind when you hear the term “accrual accounting?” Perhaps you flashback to filing your taxes last year when your accountant suggested switching to accrual accounting, but you’re weren’t sure what it meant and why it would be worth the hassle. Maybe your mind immediately goes elsewhere — what’s for supper tonight? Well, as dry as it may sound,... Read More
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Sep 8, 2015
Mind Your Farm Business — Ep. 7: How Do you Manage Currency Risk?
Is there an ideal exchange rate for Canada’s agriculture industry? That depends, of course, on what you’re selling or what you’re buying, and it’s rare to win on both sides of that equation. What’s more, farmers have no control over currency changes, so how can farmers best prepare for managing currency risk? That’s the topic... Read More
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Aug 25, 2015
Mind Your Farm Business — Ep. 6: Incorporating the Farm for Today’s Benefit and for the Long Term
There are sound reasons to incorporate the farm — significant financial reasons, operation benefits and very real long-term business planning implications. But if incorporating is so beneficial, why aren’t most farms carrying the Inc. behind the business name? In this episode of Mind Your Farm Business, Shaun Haney asks veteran farm management advisor Merle Good... Read More
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Aug 17, 2015
Mind Your Farm Business — Ep. 5: Leverage the Value of Experience Through a Peer Advisory Group
Coffee shop talk is often revered and repeated, but is it completely honest? What if, instead of comparing your farm and farm practices across the fence row, you instead sat down with farmers from one hundred kilometers away and compared notes? What could you learn? That’s the concept behind formal peer advisory groups, explains Dr... Read More
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Jul 21, 2015
Mind Your Farm Business — Ep. 4: Three Strategies to Manage Margin Compression
How does that old saying go? Crop prices take the stairs up but the elevator down. It could be said that crop input prices do the exact opposite. Price trends of both variable and fixed inputs seem to march to their own drum. Variable input prices are slow to back off highs; fixed costs can... Read More
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Jul 7, 2015
Mind Your Farm Business — Ep. 3: Balancing Farm Risks, Rewards and Opportunity
There are seven common types of risks to your farm business. There’s price risk, weather risk, production risk and more, but have you thought about opportunity disguised as risk? If you’re comfortable playing the odds on big projects or plays, how do you find balance in other parts of your farm business? How do you... Read More
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Jun 23, 2015
Mind Your Farm Business — Ep. 2: Do you Manage by Instinct or Analytics?
Mind Your Farm Business (MYFB) is a 12-part audio series exploring a wide-range of farm business management topics. Featuring thought-provoking leading experts in an engaging format, MYFB is brought to you by RBC Royal Bank. You can find the full series by tapping here. How many times have you let your gut make a big... Read More
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Jun 9, 2015
Mind Your Farm Business — Ep. 1: The Art of Goal Setting
Mind Your Farm Business (MYFB) is a 12-part audio series exploring a wide-range of farm business management topics. Featuring thought-provoking leading experts in an engaging format, MYFB is brought to you by RBC Royal Bank. What’s the plan for your farm? If that question seems far too large and long-term to answer effectively, you’re exactly... Read More
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