Canada Post Mail Publications Agreement Number: 40609661 With Compliments Of: CAFA: The Most Trusted Advisors in Canada Cultivating Business The official publication of Canadian Association of Farm Advisors 2024-25For more information: Amanda Bibeau, Executive Director Tel: (204) 381-6313 info@cafanet.ca Join Us To Stay Connected! Membership with CAFA puts you in the company of some of the best farm advisors in Canada. CAFA is Canada’s only national network of farm advisors. Membership offers: •Access to on-going farm-focused continuing professional development and learning opportunities; •Network with colleagues who share a passion for supporting farms and farm families; •Local chapter events with community connections and events; •Discounted conference attendance; and •Increased industry exposure: •Inclusion in annual publication Cultivating Business; •Inclusion in Membership Directory; and •Opportunities to become a thought leader with speaking and publishing opportunities. A membership application is available on CAFA’s website: https://cafanet.ca/assoc_subscribe.asp 2025 Connect with CAFA’s members on page 14. JOIN CAFA TODAY!3 CAFA INSIDERS 04National Chair’s Message 05Executive Director’s Message 06The Value of CAFA FEATURES 08Starting the Conversation: 5 Key Questions for a Smooth Farm Transition 11Shifting the Narrative: Better Communication for Farm Succession 12Communication Strategies for Multi-family Farms CAFA MEMBERS: 2024-25 02Join CAFA Today! 142024-25 Canadian Farm Advisors Resource Guide 30INDEX TO ADVERTISERS Published By: Matrix Group Publishing Inc. Return all undeliverable addresses to: 309 Youville Street Winnipeg, Manitoba R2H 2S9 Toll-Free: (866) 999-1299 Toll-Free Fax: (866) 244-2544 www.matrixgroupinc.net Canada Post Mail Publications Agreement Number: 40609661 President & CEO Jack Andress Operations Manager Shoshana Weinberg sweinberg@matrixgroupinc.net Senior Publisher Jessica Potter publishing@matrixgroupinc.net Publishers Julie Welsh, Christine Scarisbrick Editor-in-Chief Shannon Savory ssavory@matrixgroupinc.net Editors/Social Media Manager Jenna Collignon, Kaitlin Vitt, Paul Adair Finance/Administration Lloyd Weinberg, Nathan Redekop accounting@matrixgroupinc.net Director of Circulation & Distribution Lloyd Weinberg distribution@matrixgroupinc.net Sales Manager Jeff Cash Matrix Group Publishing Inc. Account Executives Colleen Bell, Jackie Casburn, Chandler Cousins, Helaina Van Dommelen, Rob Gibson, Jim Hamilton, Scott Hendren, Frank Kenyeres, Sandra Kirby, Andrew Lee, Brian MacIntyre, Wilma Gray-Rose, Joseph Ukaoha Advertising Design James Robinson Layout & Design Travis Bevan ©2024-25 Matrix Group Publishing Inc. All rights reserved. Contents may not be reproduced by any means, in whole or in part, without the prior written permission of the publisher. The opinions expressed in this publication are not necessarily those of Matrix Group Publishing Inc. Printed in Canada. Cultivating Business Published For: Canadian Association of Farm Advisors PO Box 470 Richer, Manitoba R0E 1S0 Tel: 204-381-6313 Email: info@cafanet.ca CAFA’S NATIONAL BOARD OF DIRECTORS Catherine McCorquodale M.Sc., LL.B., CAFA - CHAIR Partner, Monteith Ritsma Phillips Stratford, Ontario Shannon Lueke, B.Mgt., PAg., CAFA - VICE CHAIR Partner and Farm Management Consultant, MNP LLP Humboldt, Saskatchewan Thomas Blonde, B.Sc., CPA, CA, CAFA - TREASURER Partner, Baker Tilly GWD London, Ontario Danielle Ranger, B.Comm., FEA, CAFA - SECRETARY Dani Ranger Coaching Saskatoon, Saskatchewan James Fehr, B.Sc., P.Ag., CAFA RBC Vice President, Commercial Financial Services Winnipeg, Manitoba Rick Gendemann, CPA, CA, CAFA Partner, Manning Elliott, Accountants & Business Advisors Abbotsford, British Columbia Kim Gerencser, BAFS, CFP®, CAFA - PAST CHAIR Management Consultant to Successful Ag Producers Regina, Saskatchewan Ryan Parker, B.Comm., AACI, P.App., P.Ag., CAFA - PAST CHAIR Partner, Valco Consultants London, Ontario Craig Swistun, CIM, RGD, MFA-P, CAFA Portfolio Manager, Raymond James Toronto, Ontario Cultivating Business contents4 Canadian Association of Farm Advisors National Chair's Message Current and connected Membership in CAFA puts you in the company of some of the best farm advisors in Canada. CAFA is Canada’s only national network of farm advisors. For more membership information, turn to page 2 or visit https://www.cafanet.ca. L ast year was one of transition for CAFA. We wel- comed Amanda Bibeau to our team in June and said goodbye to our long-time Executive Director Liz Rob- ertson in July. Thank you, Liz, for two decades of guidance and growth. We hope you enjoy your well-deserved retire- ment. Amanda has capably stepped into the Executive Dir- ector’s role and brings new ideas and perspectives to this position. The CAFA Board is excited for this next chapter. CAFA will continue hosting national and regional confer- ences, supporting local chapters, and connecting advisors and producers across the country. There will also be new initiatives to increase engagement with our current mem- bers and increase membership. Feedback, ideas and sug- gestions are always welcome. Please contact Amanda or any board member. At the 2024 Agricultural Excellence Conference, Shaun Haney from RealAg Radio asked a panel of farm advisors what the most difficult part of succession planning was. It was not the technical or logistical aspects, but the human aspects: the relationships, the emotions, and the family’s ability to communicate — with each other and with their advisors. Communication, while not an issue exclusive to advis- ing primary producers, has never been more important. The numerous methods of communication — text, email, phone, social media, or in person — have made it easier to communicate than ever before. We have the ability to con- tact people 24-7. We carry our phones in our pockets and purses. This has created more demands on our time and an expectation of quick response times. Each individual’s preference for a specific form of com- munication has also made it more complicated. As advisors dealing with multi-generational farm businesses, we may have files where one family member prefers an in-person meeting, another who wants a phone call, and another who prefers a text or email. So not only are we advising on the legal, accounting, or financial aspects of a transaction, but we are also managing communication expectations of our clients, both with us and with each other. Advisors will realize that to be a great advisor, their job extends beyond the technical knowledge of their area of expertise. No longer can lawyers simply offer legal advice, draft documents, and bill the clients. Nor can accountants merely provide tax-planning services. Great advisors will focus on communication at each step of a file — communi- cation with clients, with staff, and with other advisors. They will set expectations and boundaries at the start for them- selves and for their clients. Communication, in various ways, has seeped into all as- pects of our jobs. From promoting our businesses on social media, to texting with clients as they complete fieldwork on a Saturday morning, the rules and expectations have changed. Managing expectations and setting boundaries will go a long way to having satisfied clients. 2025 will see CAFA communicate with the membership and the public in different ways as our social media pres- ence increases. Stay up to date by following us on Instagram (@cafarmadvisors), X (@CAFANET), and LinkedIn (linkedin. com/company/cafarmadvisors). Here’s to a great 2025 with your old CAFA favourites and some new and exciting events on the horizon. Catherine McCorquodale National Chair Embracing Change, Strengthening Connections5 Executive Director’s Message Championing Your Success I have spent the last few weeks reading years (and years!) of previous issues of Cultivating Business and started and restarted this draft over a dozen times. I’ve asked my- self, “How can I introduce myself properly?” and “Do I have anything of value to say to our member-base?” While I am typically quite the confident writer, something about this message intimidates me. And that’s okay. When you boil it down it’s not about me or my message. It’s all about you. That’s the beauty of CAFA. As an early recruitment professional by trade for the past decade or so, I have been fortunate to help grow careers, communities, and networks across Canada. My primary focus has been in recruitment and development of aspir- ing CPAs and emerging finance professionals. Through this focus, I have been privileged to watch connections grow from co-op students to directors and recent graduates to experts in their fields. From my desk smack dab in the mid- dle of Canada, I see myself as a champion and cheerleader to others’ successes. And if you ask me, it’s a great thing to be! As farm advisors, you know this feeling. You work tire- lessly to ensure your farm clients reach their milestone goals, move forward with confidence, and ultimately reach their definition of success. You do what you can to ensure your clients are informed and feel secure in their investment in you and your expertise. You grow their net- work, introduce them to peers and connections that can provide them insight, and support where you can. You also champion and cheer for your clients. Their success is your success. And with this shared common ground, my promise to you is simple: I’m here for you. Just as you champion your clients, I’m committed to championing you. I want to make sure you have the tools, insights, and connections you need to navigate your important work with confidence. With CAFA’s mission always in mind, I’ll work to bring you learn- ing opportunities and a network that truly empowers you to make a lasting impact. And because we all need some- one cheering for us now and then, I’ll be that for you, too — rooting for your success and celebrating wins along the way. To date, my experience with CAFA has been wonderful, and I want to extend my most sincere gratitude to the Board and members for such a welcoming first few months. I am eager to keep meeting and engaging with members, so if you have ideas or simply want to say “Hi” — I am all ears! I look forward to watching you grow! Amanda Bibeau, MiM Executive Director CAFA insiders Patti Durand is a stra- tegic action planner and speaker, based in Humboldt, Saskatch- ewan. She has helped hundreds of business families navigate tran- sition conversations and confidently take action. Adam Pukalo has been advising farms on wealth planning and succession strategies since 2010. He is a portfolio manager that provides custom port- folios for corporate investment accounts, RRSPs, and TFSAs. With over 30 years in agriculture and small business finance, Larry Morin has been assisting clients in de- veloping individualized business solutions for existing and new operations. He pro- vides annual business and financial planning services and supports farm successions and transitions. 6 Canadian Association of Farm Advisors The Value of CAFA Members’ Corner Aaron Greene Manager RLB LLP Fergus, Ontario CAFA gave me the opportunity to con- nect with other professionals who share my passion for serving farmers and agribusiness, which has helped me grow as a professional and be a better trusted advisor to my clients. It also gives clients who are looking for accounting services a place to search for accountants who focus on their line of business. It has allowed me to connect with new clients and grow in my advisory skills to better serve existing clients as well. Kim Passmore Partner S.W. Irvine & Associates Guelph, Ontario I joined CAFA to connect with dedi- cated professionals who serve farmers and to access valuable educational opportunities at both chap- ter meetings and national events. These resources keep me current with the rapidly evolving agricultural industry. Being part of CAFA has also allowed me to build strong re- lationships with like-minded professionals, making it easy to refer my clients to trusted partners who share a commit- ment to growth and development in agriculture. Brendon Fornwald Farm Management Consultant Backswath Management Regina, Saskatchewan I chose to pursue and be involved as a CAFA member because I rely on it as a vital part of my professional network, giving me access to a di- verse, knowledgeable community I depend on to enhance and strengthen my offering to clients as an advisor. The in- sights, perspectives, and resources shared by fellow CAFA members have made our chapter a cohesive unit where we support and build upon each other’s expertise for the benefit of our clients. Whenever I face a new opportunity in the industry, my first call is to my CAFA network, and I am continually grateful for the exceptional people and resour- ces this membership provides. Amanda Hammell Senior Manager Farm Management Consulting, MNP Stratford, Ontario I chose to become a CAFA member be- cause it brings like-minded people together with a common goal. The community helps us strive to be the best we can be, elevating our knowledge, so we can support farm businesses to thrive. The knowledge and expertise shared in the room is unparalleled and cannot be found anywhere else. This membership is invaluable in fostering connections and growth within the agricultural sector. Megan Daly Manager Business Banking, Westoba Credit Union Brandon, Manitoba I chose to be a member of CAFA to broaden my network of connections in the agriculture sector. Being a member gives me access to other professionals in the industry, which allows us to col- laborate and support one another through shared know- ledge and experience. Marla Rice, CPA, CGA Partner Bossy Nagy Group of Chartered Professional Accountants Woodstock, Ontario Our firm has been involved in CAFA since its inception in 2001. I decided to join the membership ros- ter and shortly thereafter took on the role of the Wood- stock Mid-West Chapter Chair. The chapter meetings and annual conferences have been a great way to meet other professional advisors and learn more about their busi- nesses and the services they provide. Clients bring matters to us that we can’t always resolve, and having this network of contacts we can turn to for assistance is invaluable. I have enjoyed getting to hear some of the producer stories at our monthly chapter meetings. It provides a great insight into their farm or business operations. Why did you join CAFA? What benefits do you have as a member?7 New Member Feature! John Taves Senior Manager Agricultural Markets, Libro Credit Union Delhi, Ontario I’m pleased to share that Libro Credit Union has now joined CAFA. As a credit union with deep agricultural roots, over 80 years sup- porting farmers and agri-businesses in Ontario, and the largest agriculture lending book of business in the Can- adian Credit Union market, I’m thrilled we’re taking this step to expand our outreach with a dozen Libro Agriculture team members joining the CAFA network. I recently had the pleasure of attending the Farm Tax and Legal Update in Elora, Ontario, and enjoyed an opportunity to meet with other agricultural advisors as well as learn more about re- cent tax changes and other issues impacting our farm fam- ilies. I look forward to connecting with others at upcoming meetings as we partner together to better serve agriculture and agri-business in the communities that surround us. cafanet.ca info@cafanet.ca @cafarmadvisors @cafanet linkedin.com/ company/ cafarmadvisors Connect with CAFA CAFA’s 2025 Events CAFA will be hosting many events throughout 2025 on topics of interest to Canada’s agricultural community. Check out our calendar of upcoming events and join us to learn about topics such as data literacy, succession planning, transition strategies, economics and market outlooks, and much more! Visit https://cafanet.ca/calendar_list.asp for more details.8 Canadian Association of Farm Advisors Feature A re you going through a farm transition, or maybe it’s some- thing you will be within the next five to 10 years? As farm owners/ partners consider farm succession, it is important to gather details on assets, business structure, and current oper- ations to have a full understanding of where the business currently stands. It is equally important to consider inter- personal dynamics around the tran- sition process. Not every farm family experiences the same tensions. You might experience tensions at different times than others. Uncovering the po- tential tensions and addressing them early will help a farm business be more resilient when faced with change. You need to identify the issues that may need additional discussion prior to the farm succession. I’m going to dis- cuss five questions that can help you get the conversation started on poten- tial issues. As you read each question, use Figure 1 to rank the question and see if it’s a topic that has been “Dis- cussed Well (1)” or “Needs Discussion (5).” Consider reviewing these ques- tions just by yourself then all together with your family to identify the most difficult issues to address. Question #1: Is the exiting/ owner generation ready to give up some decisions and control? For the next generation to feel like they are a part of the farm, and even- tually take it over, they need to make some decisions. It isn’t always easy for the exiting/owner generation to give up control. Remember, it just needs to be some control and not all to start. Question #2: When will the farm transfer ownership? It is important to have a written down timeline of when the farm will transfer ownership because it will help both the exiting/owner generation and entering/next generation with their expectations. Also, it helps for im- portant tax and estate planning for all generations. Starting the Conversation: 5 Key Questions for a Smooth Farm Transition By Adam Pukalo, Pukalo Prairie Wealth Group, Ventum Financial Figure 1: Question Ranking Discussed WellNeeds Discussion 123459 Question #3: Does everyone agree on a vision for the farm business (size, machinery, etc.)? Maybe the next generation wants to buy more land, but with the high prices, taking on debt might not be an option. Machinery upgrades might need to be done if there were an expansion and that would add to the debt. Question #4: How will assets or inheritance be distributed? Will it be equal or in some other way fair? Most farms might have heard that “fair is not always equal” when it comes to farm succession. You may have non-farming children that you need to consider. There are various life insurance strategies that can be useful for an inheritance if you have non-farming children. Question #5: Can everyone work together? This might sound like a silly ques- tion if everyone can work together. However, many farms have more than one family within a farm operation. For example, I have clients who are broth- ers that farm together, then there is the next generation coming in. Further discussion After you answer these questions, what did you and your family/farm part- ners identify as topics that need more discussion? Next, write these topics or issues in Figure 2 and explore topics with the highest averaged numbers first. The topics above should be on a standing agenda for your family or farm business meetings to make it a part of the planning process. While ignoring these hard-to-discuss topics may seem easier, a better strategy for a business that hopes to continue in the future is to address these topics early in the transition process. There are 10 other questions I work through with my farm clients. Pukalo Prairie Wealth Group works with farm families from Manitoba to Alberta on farm succession and wealth plan- ning strategies. Visit our website at www.ppwgroup.ca. Ventum Financial Corp. (Ventum Fi- nancial) is a member of the Canadian In- vestment Regulatory Organization and the Canadian Investor Protection Fund. Infor- mation contained herein represents the views of the writer and not those of Ven- tum Financial, and based on assumptions which the writer believes to be reasonable. The material contained herein is for infor- mation purposes only and is not to be con- strued as an offer or solicitation for the sale or purchase of securities. This information is intended for distribution in those juris- dictions where Ventum Financial is regis- tered as an advisor or a dealer in securities. Any distribution or dissemination of this article in any other jurisdiction is strictly prohibited. Adam Pukalo has been advising farms on wealth planning and succession strat- egies since 2010. He is a portfolio manager that provides custom portfolios for cor- porate investment accounts, RRSPs, and TFSAs. You can listen to him on his Mar- ket Watch radio show that goes across the prairies to rural stations. He has been fea- tured in publications such as the Western Producer, Country Guide, and Winnipeg Free Press. Figure 2: Further Discussion Topics That Need More DiscussionPossible Barriers to Discussing This Topic FullyNext >