Why every farmer should have… a “Death Binder”

When Rob Saik’s father suddenly handed him the family farm, he inherited far more than land and machinery. He inherited debt, unanswered questions and years of decisions he knew nothing about. Today, the agricultural entrepreneur shares why farm continuity planning is about much more than passing down assets. It’s about protecting families.

Rob Saik, the renowned champion of agriculture never imagined his family's farm would end the way it did.

He grew up on a mixed cattle and cropping operation near Innisfree, Alberta, east of Edmonton. His parents had built a successful farming business, and like many farm kids, Rob grew up surrounded by the hard work and commitment that defined agricultural life.

But around the time he finished high school, his parents divorced. Rob wasn't particularly close to his father, so he went his own way, earned an agriculture degree and eventually built a successful career as an entrepreneur.

Then one day, his father called and asked him to meet at a hotel.

The message was simple. His father was finished farming. Rob was taking over.

There was just one problem.

Rob wasn't prepared to take over. He was being handed an operation without fully understanding its financial troubles or the decisions that had led to them.

The farm was carrying substantial debt, along with unresolved financial and operational problems. Complicated matters involving the Canadian Wheat Board added to the difficulties.

Then his father's health deteriorated, leaving him quadriplegic for a period and later paraplegic.

Rob and his uncle were left trying to untangle years of financial difficulties, unresolved decisions and family circumstances that had become increasingly complicated.

By then, there was little they could do to turn things around.

The family farm was lost.

“And in the end, you know, in the end, it was pretty depressing… it was sad. It was just sad, and it was sad because of the way it came down,” Rob recalls. “There was nothing left that we could do… the legacy of farming in our family was basically done.”

The loss was painful enough. But knowing they never had the chance to address the problems while there was still time made it harder.

“Dad was extremely secretive; didn't share anything. In fact, it was not until he passed away that we really started getting into all of the history and all of the decisions that were made rightly or wrongly…”

The experience left a lasting impression.

Today, Robert Saik is a distinguished agrologist, author, international consultant and agricultural entrepreneur with more than 40 years of experience.

But despite his professional success, the loss of his family's farm continues to shape his thinking.

He is determined not to leave his own children a “series of problems.”

Speaking with Tracy Brunet on the Impact Farming podcast, alongside Derryn Shrosbree of Farmstrong Financial, Rob explained why so many farming families risk facing similar heartbreak.

The biggest obstacle is often procrastination.

Farmers are exceptionally good at solving problems in the field. But conversations about money, inheritance, retirement and death can be far more difficult.

So they put them off.

Rob compares it to kicking a can down the road.

“Sooner or later, you fall over or the road ends.”

Shrosbree agrees.

“The king of continuity planning is procrastination.”

And time can dramatically change what is possible.

“Time is your best friend when you're 40 and your worst friend when you're 80,” Shrosbree says.

For Rob, even the language surrounding farm succession needs to change.

He prefers the term continuity because it recognizes that farming isn't simply a business someone walks away from at retirement.

It's an identity.

For many farmers who have spent their lives building an operation, the thought of handing everything over can feel like losing their purpose.
Brunet captures that fear perfectly.

“Tell me you're not kicking me off the farm that I built and I love and I don't want to do anything else, right?”

But Rob believes stepping back doesn't have to mean stepping away.

Older farmers can become mentors, advisors and coaches, passing on decades of knowledge while allowing the next generation to make decisions and build confidence.

He challenges the conventional idea of retirement.

“I go where I want to go. I do what I want to do. I hang with the people I want to hang with… I have been retired for decades.”

The challenge is finding a balance that works for everyone.

“Isn’t it important to be able to give the founder their kick at the can while giving the younger generation the security of ownership?” Brunet asks.

That's the goal of continuity planning.

Of course, the financial challenges are significant.

With farmland values rising, families must navigate increasingly complicated tax consequences, legal structures and inheritance decisions.
And fair doesn't necessarily mean equal.

Dividing farmland equally among farming and non-farming children may seem reasonable on paper. But it can leave the next generation without enough land to operate a viable business.

Rob points to permanent life insurance as one potential solution. Properly structured, it can provide cash to help cover estate obligations or compensate non-farming children without forcing the sale of productive farmland.

Shrosbree's Farmstrong approach brings financial valuation, wills, tax planning, risk management and estate equalization together into a coordinated strategy.

But even the best financial plan won't help if nobody knows where the documents are.

That's why Rob recommends what he originally called a death binder.

“The death binder is the binder that you would refer to when that farmer passes away, and you want to open it up and try to figure out what was in that farmer's head…”

It should contain essential information about insurance, accounts, assets, important contacts and access to digital records.

During the podcast, the group settles on a more encouraging name: the continuity binder.

It's a simple idea with potentially enormous value.

Rob knows firsthand what happens when crucial information stays locked inside one person's head.

And that may be the most important lesson from his family's experience.

Farm continuity isn't just about preserving land, wealth or a business built over generations.

It's about giving the people you love the knowledge, confidence and opportunity to carry that legacy forward.

Rob's family didn't get that opportunity.

His message to other farming families is to start talking while they still have time to make different choices.

Because once the road ends, so do the options.