{"id":9360,"date":"2024-03-28T05:00:48","date_gmt":"2024-03-28T09:00:48","guid":{"rendered":"https:\/\/elainefroese.com\/?p=9360"},"modified":"2024-03-28T15:50:45","modified_gmt":"2024-03-28T19:50:45","slug":"how-to-create-more-financial-transparency-with-your-farm-team","status":"publish","type":"post","link":"https:\/\/elainefroese.com\/2024\/03\/28\/how-to-create-more-financial-transparency-with-your-farm-team\/","title":{"rendered":"How to Create More Financial Transparency with Your Farm Team"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; admin_label=&#8221;section&#8221; _builder_version=&#8221;4.17.6&#8243; global_colors_info=&#8221;{}&#8221;][et_pb_row admin_label=&#8221;row&#8221; _builder_version=&#8221;4.17.6&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; custom_padding=&#8221;||1px|||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.16&#8243; custom_padding=&#8221;|||&#8221; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text admin_label=&#8221;Text&#8221; _builder_version=&#8221;4.17.6&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; hover_enabled=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<p><iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/DgMEAxAhutY?si=ekkIk-kmy9Y16Qh3\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p><span style=\"font-weight: 400;\">Where is it written in the farm family rule book that \u201cYou don\u2019t talk about money?\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Recently on a coaching call a farm family admitted a huge \u201cundiscussabull\u2122\u201d in their family had caused great stress to their over 40-year-old son. This non-farming son did not have any clue about the profitability of the farm, what the parents needed to live on, or what the plan going forward was for income streams, labour, and the type of enterprise that would be making money. The parents had assumed he was just not interested in the farm at all. Wrong assumption.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When your adult children are not coming forward to talk about money expectations, you as the parents can take the lead. Family meetings are the forum to get clarity of expectations.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>Dick Wittman<\/strong> of Wittman Consulting is now in his seventies, and he\u2019ll tell all farm families, <\/span><i><span style=\"font-weight: 400;\">\u201cIf you are in business together, partners should be able to talk freely about their business wealth and also the personal side of their financial realities. The two go hand in hand.\u201d<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">A veterinarian in my audience agrees with Dick. <\/span><i><span style=\"font-weight: 400;\">\u201cElaine, our partnership buyout would have gone so much smoother had we realized what the personal wealth expectations and needs of our existing partner were. There were too many unmet expectations and surprises in the buyout process.\u201d<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">What is your plan to be able to talk more freely about money on your farm?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">What is the story you are telling yourself suggesting \u201cIt\u2019s nobody\u2019s business about how I spend my money?\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">I hope you would agree with me \u201cThe emotional factors around money affect the farm transition process.\u201d Mix emotions with money and unmet, unspoken expectations and you have a recipe for farm drama, legal battles, and unresolved conflict.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">What is a more helpful approach?<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Figure out what money means to you<\/b><span style=\"font-weight: 400;\">. Bruce Sellery\u2019s book \u201cMoolala: Why Smart People Do Dumb Things With Their Money &#8211; And What You Can Do About It\u201d addresses this question. Bruce is a good friend of mine and podcaster of <a href=\"https:\/\/moolala.podbean.com\/\" target=\"_blank\" rel=\"noopener\">\u201cMoney Made Simple\u201d<\/a>. I suggest you start tuning in to increase your vocabulary to talk more freely about money. Money to me is a form of energy or resource to create solutions. For younger folks in my audience, it means survival and a way to pay off debt. Older farmers see money as security and freedom.<\/span><\/li>\n<li aria-level=\"1\"><b>How much debt can you sleep with?<\/b><span style=\"font-weight: 400;\"> Do you expect to be debt-free by a certain age? Are you a young farmer who is afraid of large debt, or has not been taught how to cash flow debt at a reasonable workable level? Our coach, Glenn Dogterom, can help you figure out what is a reasonable debt load. If you are the farm parent expecting to transfer farm assets without any debt, you may have unworkable expectations in 2024. Does your spouse understand the different levels of current, intermediate, and long-term debt? If spouses are fighting about farm debt your transition plan will be stuck.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Mine your data<\/b><span style=\"font-weight: 400;\">. Look at your bank statement for clues as to your patterns of spending and revenue. Can you accurately share with your successors and farm business partners what you are spending on family living?\u00a0 A young farm successor disclosed he needed $60K for mortgage and shop debt, and $80K for living, which is $140K. This leaves no room for TFSAs, or debt servicing for the growth of his business to buy into his parent\u2019s equity.\u00a0 Many farm families need $75 to $85k for family living. Do you know what your family&#8217;s living number is? Once the family&#8217;s needs (not necessarily wants) are met, you carve out allocations for other expenses. Hog farmers have told me they can live on $18k a year in the lean times and $50k in the good times. Frugality is a great gift, but the next generation is accustomed to \u201dAmazon\u201c style living. Measuring what you spend, and sharing the data will help you have a concrete conversation about where you may be able to make changes to accomplish your financial goals.<\/span><\/li>\n<li aria-level=\"1\"><b>Learn how to read and understand financial statements and share them<\/b><span style=\"font-weight: 400;\">.<\/span> <span style=\"font-weight: 400;\">I suspect you don\u2019t want to feel stupid asking your accountant, lender, or investment broker to help you get more financially literate, but we all start at the beginning of our learning and keep growing. Many farm women who have not been actively involved in the finances of the farm business have been shocked when they start learning about their net worth, and the responsibility of managing wealth when they become widows. Why wait until death strikes? Grab the bull by the horns and be proactive about your financial education journey. Get your accountant to spend time helping you understand balance sheets.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Suppertime conversation starts with young teens and their queries<\/b><span style=\"font-weight: 400;\">. <\/span><span style=\"font-weight: 400;\">As entrepreneurs, we talked about money, risk, debt, loss, and all kinds of financial issues at our supper table with our teenagers. We also defined what confidentiality meant, so there was no fear of spreading information to peers. Positive conflict resolution involves creating solutions. If you have a culture in your farm family of not owning up to financial mistakes and making repairs together, you likely don\u2019t have an open culture of talking about money problem-solving. YOU get to choose how you want to change the culture of \u201cnot talking about money.\u201d<\/span><\/li>\n<li aria-level=\"1\"><strong>Ask your parents to tell stories about the hard times in farming.<\/strong> Tears flowed at a family succession meeting when it came to light through the father\u2019s story that he was carrying a lot of emotion around how hard his parents had worked to keep the farm going. \u201cTimes were so tough we sometimes woke up in the cold with our eyelids frozen together. \u201cDeep emotion from past stress may create fear of failure for the future finances of the farm. Ask, \u201cWhat are you afraid of dad?\u201d You might be surprised at the answer. When fears are disclosed, you can then start unpacking the thinking and feelings you need to navigate to create new money scenarios.<\/li>\n<li aria-level=\"1\"><b>Set a date for a family meeting.<\/b><span style=\"font-weight: 400;\"> Get expectations and curiosities out in the open so you can create solutions. Bring some financial data to the meeting. Be clear about confidentiality and define what that means to everyone in the room. Share with each other what money means to you, your hopes, and your goals for the future. <\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Imagine how good it is going to feel when you can freely talk about money in your farm family.<\/span><\/p>\n<p data-pm-slice=\"1 1 []\"><span style=\"color: #662d91;\">***<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Elaine Froese and her team of coaches are here to help you find harmony through understanding. Visit <a href=\"https:\/\/elainefroese.com\/membership\/\" target=\"_blank\" rel=\"noopener\">here<\/a>.<\/span><\/p>\n<p><span style=\"color: #662d91;\">Did you enjoy <em><strong>How to Create More Financial Transparency with Your Farm Team?<\/strong><strong>\u00a0<\/strong><\/em>You might want to check these articles out too:<\/span><\/p>\n<p><a href=\"https:\/\/elainefroese.com\/2024\/03\/14\/just-converse-it-feels-so-good-to-talk\/\" target=\"_blank\" rel=\"noopener\">Just converse: it feels so good to talk!<\/a><br \/><a href=\"https:\/\/elainefroese.com\/2024\/02\/29\/how-to-embrace-a-positive-perspective-for-farm-transition\/\" target=\"_blank\" rel=\"noopener\">How to Embrace a Positive Perspective for Farm Transition<\/a><br \/><a href=\"https:\/\/elainefroese.com\/2024\/02\/15\/insights-and-advice-for-farmers-and-ranchers\/\" target=\"_blank\" rel=\"noopener\">Insights and Advice for Farmers and Ranchers<\/a><\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.17.6&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row _builder_version=&#8221;4.17.6&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.17.6&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_image src=&#8221;https:\/\/elainefroese.com\/wp-content\/uploads\/2024\/03\/Kick-start-Succession-Conversations-1.jpg&#8221; title_text=&#8221;Kick-start Succession Conversations (1)&#8221; url=&#8221;https:\/\/elainefroese.com\/insights\/free-stuff\/kick-start-succession-conversations\/&#8221; url_new_window=&#8221;on&#8221; _builder_version=&#8221;4.17.6&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In farm families, discussing money is often taboo, leading to stress and misunderstandings, especially during transitions. Dick Wittman advises open dialogue, emphasizing the link between business and personal wealth. Practical steps include understanding financial statements, setting family meeting dates, and sharing stories to address fears and emotions around money.<\/p>\n","protected":false},"author":2,"featured_media":9373,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"<iframe title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/o4K6bItAbCY\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe>\r\n\r\nHarvest is in full swing on our farm, and I am not there\u2026for a few days. Where is it written you cannot leave the farm during harvest? (Almost on every page of the unpublished book \u201cThe Culture of Agriculture.\u201d)\r\n\r\nIf you are one of the 2800 folks who have stumbled upon \u201cFinding Fairness in Farm Transition\u201d on my YouTube channel at Farm Family Coach, you already know I am on a mission to change mindsets in agriculture. Fairness is helping everyone in the family be successful.\r\n<p class=\"p1\">Enter Scott Armstrong and his new workbook: <i>Mind Switch Retirement Planner<\/i>.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\r\n<img class=\"aligncenter wp-image-6952 size-large\" src=\"https:\/\/elainefroese.com\/wp-content\/uploads\/2022\/10\/Untitled-design-1024x512.jpg\" alt=\"\" width=\"1024\" height=\"512\" \/>\r\n<p class=\"p1\">Armstrong is a speaker friend who shared his insights at a national financial planner September convention in Niagara Falls, the place I also journeyed to at the start of our September harvest. He uses the word \u201cretirement\u201d, for ag folks I prefer to use the term reinvention:<\/p>\r\n<p class=\"p1\"><strong>Here are some things to consider as you age on your farm or ranch:<\/strong><\/p>\r\n\r\n<ol class=\"ol1\">\r\n \t<li class=\"li1\"><b>What are the current roles you want to continue?<\/b> Which ones would you like to let go of? My farmer is coughing more after cleaning bins, and I am encouraging him to quit that task at age 65, which is now.<\/li>\r\n \t<li class=\"li1\"><b>Are you still passionate about farming?<\/b> Or just parts of it? Simon Sinek says, \u201cfulfillment comes when we live our lives on purpose\u201d. What is it you are doing on your farm where you lose all track of time? This summer I think my farmer lost track of mowing fields and ditches and waiting for the grain to ripen. I love to play with my grandkids and enjoy their giggles, stories, and curiosity. Play me with them is a sweet spot and I am intentional in making time for them. I am still passionate about helping farm families make intentional choices for a better quality of life and harmony through understanding.<span class=\"Apple-converted-space\">\u00a0<\/span><\/li>\r\n \t<li class=\"li1\"><b>Do your passion and purpose align with your spouse\u2019s vision<\/b>? This is where it gets messy. You want to leave the farm life roles and responsibilities, but your partner does not. Not for a long time! Where is it written you cannot pursue some things in different time zones or days apart from your spouse?<span class=\"Apple-converted-space\">\u00a0 <\/span>Independence is one of my core values, yet my husband respects what I need to fill my well, and I am happy when I return to the farm from my off-farm contracts and contacts. Love and respect for the other can go both ways.<\/li>\r\n \t<li class=\"li1\"><b>Adventure is big<\/b> on Scott Armstrong\u2019s workbook list. Farmers spend a lot of money on crop protection and other inputs. Many use the points from farm credit cards to fund short-term winter adventures. One of my clients is on a motorbike in the Maritimes as I write this. (Dairy farmer). Another farmer spends time in Mexico helping the poor build houses in the winter, and he wants to do more of this. Our adventures to visit friends in New Zealand, or travel with friends to Hawaii have been great times of renewal. Perhaps there is an ag tour you have been putting off. The GREAT PAUSE showed us how isolation and lack of adventure can really cramp our style, but we now have options. The most recent adventure for folks in our circle has been electric bikes. They are great for checking fields, riding down the Turtle Mountains to Boissevain, and going for a quick spin before supper. What is the adventure you have been putting off?<\/li>\r\n \t<li class=\"li1\"><b>Vitality is an energy we all want more of.<\/b> Armstrong is convinced we are only using 50% of our body\u2019s capacity. Our wonderful physician Dr. Nell shook his finger at us 5 years ago saying \u201cLook you two it\u2019s time you started having some fun. At 75 it all starts to fall apart!\u201d<span class=\"Apple-converted-space\">\u00a0 <\/span>This year I\u2019ve shed some weight via the app \u201cNOOM\u201d and am working on a better morning fitness routine. My friend, a cattle producer at age 68 does lots of stretching and 40 minutes on her elliptical every morning. She makes time for lots of hiking adventures and ensures her body is in great form. Armstrong has a great list of sleep hacks to have more renewal time.\r\nYour body is not a machine. Save money now by paying better attention to your health and making small habit changes to be healthier. Be kind to your brain and get off your devices long before bed. This will not kill you, and your marriage may be better off for the pillow talk without blue lights flashing from your cell phone or iPad, or TV.<\/li>\r\n \t<li class=\"li1\"><b>Finances:<\/b> The number one encouragement I have is to find a good financial planner who can guide you with your income streams and personal wealth as your farm assets keep growing. CAFA which is the Canadian Association of Farm Advisors has great advisors in their directory who understand the culture of agriculture and the challenges of debt servicing and the need for personal wealth options. See <span style=\"color: #44b6ac;\"><a style=\"color: #44b6ac;\" href=\"http:\/\/www.cafanet.ca\"><span class=\"s1\">www.cafanet.ca<\/span><\/a>.<\/span><\/li>\r\n \t<li><strong>Living Legacy:<\/strong> What do you want people to say about you BEFORE you die?\r\nI hope you have a wonderful 80th birthday party where folks can tell you in their own words and stories about how your life really was a blessing to them. Do you want to be able to set your grandkids up for financial success? Can you help fund their RESP for trades or university training? Could you help fund the local arts and culture or sports foundation of your small town? Would you be able to secretly give a \u201cleg up\u201d to a struggling single parent? Having the time to walk alongside newcomers to your community and financial support can be a huge blessing to making your town a great place to age gracefully. We live close to one of Manitoba\u2019s most beautiful small towns. The new bakeshop owner is now making sourdough bread with wheat head designs, plus great peanut butter marshmallow slices. This news may not excite you, but it is becoming a destination attraction. Sometimes it is the \u2018little things in life\u201d that make a day sweeter.<\/li>\r\n \t<li class=\"li1\"><b>Social times<\/b>. Armstrong surprised me with his challenge to question who your friends are and why. Post-Covid relationships look different, and you may be navigating the loss of long-time or childhood friends. Intentionally make a list of the folks who align with your purpose and plans for growth. I\u2019ll still a big fan of calling my far-away friends to keep relationships growing, yet I also know having tea in person is refreshing. I suspect the guys reading this are longing for more friendships beyond the farm gate. What are you DOING about it?<\/li>\r\n<\/ol>\r\n<p class=\"p1\">Find out more about Scott Armstrong\u2019s fun, practical workbook at <span style=\"color: #44b6ac;\"><a style=\"color: #44b6ac;\" href=\"http:\/\/www.mindswitch.ca\"><span class=\"s1\">www.mindswitch.ca<\/span><\/a><\/span>, and reach out to the Mind Switch community on <span style=\"color: #44b6ac;\"><a style=\"color: #44b6ac;\" href=\"https:\/\/www.facebook.com\/profile.php?id=100063687142266\" target=\"_blank\" rel=\"noopener\">Facebook<\/a>.<\/span> Tell him you are working on changing the mindsets in agriculture, one family at a time.<\/p>\r\n<a href=\"https:\/\/elainefroese.com\/insights\/free-stuff\/roles-storyboard\/\"><strong><span style=\"color: #44b6ac;\">Grab your copy of the Roles Storyboard<\/span><\/strong><\/a> to <span class=\"RFZYhc\">help you understand your 6 key roles - personal, couple, family, work (farm and off farm), friends, community.<\/span>\r\n\r\n***\r\n<p class=\"p1\">Elaine Froese is happy to be writing at 30,000 feet again. Invite her to speak at your next ag event. She has 30-plus years of practical insights for farmers to have the life they\u2019ve always wanted. One day at a time.\u00a0Visit <a href=\"http:\/\/www.elainefroese.com\" target=\"_blank\" rel=\"noopener\"><span style=\"color: #44b6ac;\">here <\/span><\/a>or Instagram <span style=\"color: #44b6ac;\"><a style=\"color: #44b6ac;\" href=\"https:\/\/www.instagram.com\/farmfamilycoach\/\" target=\"_blank\" rel=\"noopener\">@farmfamilycoach<\/a><\/span> and hit the Linktree bio. Send cards to Box 957, Boissevain MB R0K 0E0.<\/p>\r\n<strong>Follow Elaine on Social for More Helpful Farm Family Advice!<\/strong>\r\n\r\n<span style=\"color: #44b6ac;\"><a style=\"color: #44b6ac;\" href=\"https:\/\/www.facebook.com\/farmfamilycoach\" target=\"_blank\" rel=\"noopener\">Facebook<\/a><\/span>\r\n<span style=\"color: #44b6ac;\"><a style=\"color: #44b6ac;\" href=\"https:\/\/www.instagram.com\/farmfamilycoach\/\" target=\"_blank\" rel=\"noopener\">Instagram<\/a><\/span>\r\n<span style=\"color: #44b6ac;\"><a style=\"color: #44b6ac;\" href=\"https:\/\/www.linkedin.com\/in\/farmfamilycoach\/\" target=\"_blank\" rel=\"noopener\">LinkedIn<\/a><\/span>\r\n<span style=\"color: #44b6ac;\"><a style=\"color: #44b6ac;\" href=\"https:\/\/twitter.com\/elainefroese\" target=\"_blank\" rel=\"noopener\">Twitter<\/a><\/span>\r\n<span style=\"color: #44b6ac;\"><a style=\"color: #44b6ac;\" href=\"https:\/\/www.youtube.com\/c\/farmfamilycoach\/videos\" target=\"_blank\" rel=\"noopener\">YouTube<\/a><\/span>\r\n<span style=\"color: #44b6ac;\"><a style=\"color: #44b6ac;\" href=\"https:\/\/www.tiktok.com\/@farmfamilycoach\" target=\"_blank\" rel=\"noopener\">TikTok<\/a><\/span>\r\n\r\nDid you enjoy<em><strong> How to re-invent your farm life as you age with Mind-Switch? <\/strong><\/em>You might want to check these articles out too:\r\n\r\n<span style=\"color: #44b6ac;\"><a style=\"color: #44b6ac;\" href=\"https:\/\/elainefroese.com\/2022\/08\/25\/your-farms-emotional-tank-needs-checking\/\" target=\"_blank\" rel=\"noopener\">Your Farm\u2019s Emotional Tank Needs Checking<\/a><\/span>\r\n<span style=\"color: #44b6ac;\"><a style=\"color: #44b6ac;\" href=\"https:\/\/elainefroese.com\/2022\/07\/14\/you-are-not-alone-2\/\" target=\"_blank\" rel=\"noopener\">You are not alone<\/a><\/span>\r\n<span style=\"color: #44b6ac;\"><a style=\"color: #44b6ac;\" href=\"https:\/\/elainefroese.com\/2022\/06\/30\/how-to-love-a-farmer-2\/\" target=\"_blank\" rel=\"noopener\">How to Love a Farmer<\/a><\/span>","_et_gb_content_width":"","footnotes":""},"categories":[],"tags":[1526,1804,1666,1662,127,762,1805,1802,1803,1029,1752,1807,1806],"class_list":["post-9360","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-dick-wittman","tag-emotional-impact","tag-family-dynamics","tag-family-meetings","tag-farm-family","tag-farm-transition","tag-financial-education","tag-financial-literacy","tag-financial-statements","tag-money-management","tag-open-dialogue","tag-overcoming-fear","tag-storytelling"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - 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