IF 84: Every Farm Family’s Business w/Tom Deans

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Episode 84: Every Farm Family’s Business w/Tom Deans

In this week’s episode, “Every Farm Family’s Business,” Tracy speaks with Tom Deans, who is an Intergenerational wealth transfer expert.

Tracy interviewed Dr. Tom Deans at the FCC Young Farmer Summit in Winnipeg after he gave his presentation about transitioning the family farm to a group of eager young farmers. To open the discussion, Tracy asked Tom what farmers were doing wrong when it comes to farm transition. “I think what farmers are doing wrong when it comes to transitioning the farm is….they are doing nothing,” he conceded.

Tom confidently stated that he believes that silence is the great destroyer of the Canadian family farm. He then went on to say that it’s not the farm families that talk about the farm transition or the ones that have annual meetings with their farm advisors present. These farms are the ones that successfully transition the farm. It’s the farmers that are so overwhelmed by the complexity, the emotional tug on the heart strings, and the preservation of the legacy. These are the ones that wrap the discussion in silence and end up destroying their wealth and family relationships. These are the farms that do not transition. Tom’s opening statement was incredibly powerful, and it led to a powerful conversation about the challenges that surround transitioning the family farm.

If you farm with family, this episode is for you! Tune in now…

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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.
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Thank You To Our Show Sponsor

Here at The Impact Farming Show, our goal is to bring our audience the people and ideas that will IMPACT their farming operation. We couldn't do it without the continued support of our sponsors that are committed to supporting our show and our shared vision of helping farmers succeed.

Please take a moment to check out this week's show sponsor:

Global Ag Risk Solutions

We are a group of financial professionals who've come together because of one common belief - the insurance available to farmers today isn't working. They deserve more. Farmers like you need insurance that works for you.

A better solution to traditional crop insurance, we cover your whole investment including crop inputs. We protect your revenue—not just your yield—and take some of the stress out of farming.

Learn more about Global Ag Risk Solutions and get a quote here.

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 Show Guest

Tom Dean
Intergenerational wealth transfer expert

 

Tom Deans Understands Family Business Relationships

Tom knows from experience that the smoothest road to family wealth wisdom is through honest conversation.

Tom knows about family business relationships: he was president of his family-owned multi-national corporation for almost a decade. Three generations of Tom’s family have successfully sold their businesses for a combined value exceeding $100 million.

They attribute their success to the 12 Common Sense Questions Tom offers in his book, Every Family’s Business. These questions help families stay focused on building wealth, protecting it and keeping family relationships intact.

Sold in 14 countries, Every Family’s Business is the best-selling family business book of all time and has changed the lives of thousands of business owners and their families.

Connect with Tom Deans - Twitter / LinkedIn / Website

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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. 

Connect with Tracy Brunet - Twitter / Facebook / Instagram / Linked in

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