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Episode 131: Farm Transition Part #1: Succession Planning w/Merle Good and Annessa Good
We are celebrating The Impact Farming Show's 3rd Anniversary. To celebrate, we are counting down and rebroadcasting the TOP 5 episodes from season 3.
This week we are excited to bring you our #1 highest listened to and watched episode, which was “Farm Transition Part #1: Succession Planning" w/Merle Good and Annessa Good
Originally aired on May 12, 2021 - We had the pleasure of having this dynamic duo on the Impact Farming Show, as father and daughter, their unique situation allows them to bring a multi-faceted and multi-generational view to farm transition planning.
Merle and Annessa Good have so much valuable information to share with us, so we felt it was best to feature them in 2 different episodes. This first episode is all about Succession Planning, you do not want to miss it.
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.
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 right here.
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* Disclaimer - As always, this information is not intended to provide business or medical advice. To ensure that your own circumstances have been properly considered and that action is taken based on the latest information available, you should obtain professional advice from qualified business or medical professionals before acting on any of the information in this post.
Thank You To Our Show Sponsor
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GRS Consulting - Farm Business Management Consultant
Merle Good graduated from the University of Alberta with a B.S.C. degree in Agriculture Economics. His expertise has been in the area of Taxation and Business Arrangements and was the Provincial Tax Specialist for the Alberta Agricultural Ministry throughout his Professional Career. One of his career highlights was co-ordinating and personally speaking at the Professional Agricultural Tax Update for Professionals for 34 consecutive years, where over 700 accountants and lawyers attended to receive the latest business and taxation strategies from the Agricultural sector.
In launching his new Private Consulting Business, GRS Consulting, Merle will continue to focus on identifying and adapting financial management and tax-related strategies with unique business structures to meet the ever-evolving needs of Alberta’s Agricultural Industry.
Connect with Merle Good - Email
Farm Transition Advisor - Farm Credit Canada
Annessa comes to FCC from GRS Consulting Ltd. (GRS), her family’s succession planning consulting company. She attended Mount Royal University, specializing in supply chain management, giving her unique insight into operational functionality on family farms.
Annessa recently moved back to the family farm and is currently going through her own succession rollercoaster. This experience has given her personal insight that she applies to her consulting work.
The motto she shares with clients: “Succession is the transfer of a business, while estate planning is the transfer of assets. Transition is a combination of both and is proactive rather than reactive.”
Prior to FCC, I worked for GRS Consulting, which is a private consulting firm that focuses on financial management and succession planning for agricultural producers. GRS Consulting is a leading-edge Succession Planning consulting company servicing over 250 clients per year. It is here, that Annessa has found her niche, providing a voice for the Younger Generation at the Succession Planning Table. Whether it be writing articles, sitting in on Client meetings or co-presenting with her father Merle Good, Annessa’s focus and passion is to ensure that there are business opportunities and most importantly business clarity, for the younger generation.
Connect with Annessa Good - Facebook / Linkedin
The Impact Farming Show
Welcome to Impact Farming, Farm Marketer's video and audio show dedicated to helping Canadian farmers excel in the business of farming. Our goal with this show is to introduce our audience to the people and ideas that are going to make an IMPACT on their farming operation.
Show Host - Tracy Brunet
CEO of Farm Marketer
Tracy and her husband are cattle ranchers in South East, Manitoba. As host of the show, primary producer and agvocate, Tracy is passionate about helping farmers succeed in the business of farming.
In each episode, Tracy chats with today's most successful farm advisors and industry leaders to bring our audience the best and most important ideas.