Brian GinslerFounder & CEO of Ginsler Wealth | Host of The Unlimited Podcast | Master Canoeist | Your wealth...Unlimited.

Generational Farming on The Unlimited Podcast by Ginsler Wealth

16 Dec 2022 · 0 min

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A short transcript excerpt from a YouTube podcast episode (Generational Farming on The Unlimited Podcast by Ginsler Wealth) discussing longevity and succession on Canadian farms. The speakers state that many Canadian farmers are fourth-generation and operate farms over 100 years old; they attribute continuity to multi-generational overlap and partnership (younger generation joins in their 20s while older generation remains active), balancing capital-conservatism from elders with younger farmers' willingness to adopt new technologies and practices.

Our farmers are mostly fourth generation at this point in Canada.
Wow.
Yep. So they're mostly on farms that are over a hundred years old.
It's amazing because they always say with regular businesses, they almost never make it to the, you know, to the third generation, let alone the second generation. And you're saying generally with farms you're, you're looking at farm fourth generation.
Yeah.
What are they doing that sort of right. That allows this to continue on for a hundred years?
There's tends to be a really big overlap between generations, maybe more so than you see in regular family businesses. So kids will tend to join younger, often in their 20s, and parents will tend to stay longer. And so we actually tried to partner in most cases with two generations because the older generation generally is better at saying no to spending. So they will be much more capital aware, which means we don't have to be as much. And the younger generation is generally a bit more active around newer technologies and adopting kind of new practices and the balance works out really well.