b'TRANSITION PLANNINGHelp! My Parents Have Loads of Debt We Dont Want!EVERY FRONT DOOR looks beautiful is oneI served as a mediator with the Farm Debt Mediation of my favourite Irish sayings. It came to mind whileService. This program gets you a farm financial planner listening to the woes of a young ranch couple wantingwho helps you create a recovery plan for your creditors to ranch as debt-free as possible, but the parents ownreview. Again, open, honest communication is the key new pick-up trucks and are keeping up an imagehere for success in finding a solution that all parties with lots of debt.can agree to. Call (866)452-5556 or Google Farm Debt Sound familiar? Mediation Service.Wayne Buhr in Brandon, Man. is an insolvencyFind a local fee for service financial planner or manager for Debt Free North. Buhrs approach is toconsent to work with one over Zoom. Sara McCullough ELAINE FROESE,invite folks to discover why they arent dealing headwho resides in Kitchener, Ont. specializes as a divorce author, speaker, coach, farmon with their financial disasters. He recalls a distraughtfinancial analyst. She also works with folks who plan partner. Life isparent bringing her son in for a serious discussion toto stay married. Ray Riel does great work in Regina, precious. Death is not to be feared.start finding financial solutions to releasing the stress ofSask. Carberry, Man.s Forbes Wealth Management Visit elainefroese. too much debt. Buhr has also seen adult children bringand Winnipeg Man.s Colin Sabourin of Harbourfront com/shop/ for communicationparents in for a reality check on their financial habitsWealth Management are very well versed in what resources tokeeping them stuck. farmers need to succeed.get the tough conversationsI coached a very complex dairy business strugglingAre you suffering a cash flow crunch? Stop started.with a sibling whos expecting to be bailed outprocrastinating and reach out to your lenders to create continuously by the parents. The successors of thesolutionsIf your money scripts towards debt are dairy are worried about cash flow issues. very different from your parents, then you need to Solutions to financial stress start with courageousquestion if you really want to be business partners conversationsregarding securing income streams,with folks whose values are not aligned with yours. hiring a fee for service financial planner, and ways toFind podcasts to challenge your thinking about approach talking about debt servicing. money. Bruce Sellery has a podcast called Moolala How much debt can you sleep with at night? Money Made Simple.Do you understand the difference between goodFamily members who lack sound financial habits, debt, and debt that is bad for youdo you need acheck out Dave Ramseys Financial Peace University. fully loaded pickup truck, brand new?A single youngHis methods are unconventional yet transforming farmer said he deserved his $84,000 truck. I observedpeoples pain with debt.he likely wasnt making money with this new truck,Talk does not cook rice. But it is a start. Behaviours especially since his dad had passed and his mom wasmust shift. Farm families need to embrace financial struggling with farm cash flow. transparency for the farm books, and their personal Another 75-year-old rancher proudly told me he wasbalance sheets if they want to be business partners not going to transition shares of the ranch to the nextsays Dick Wittman of Wittman Consulting. Order his generation who were eagerly awaiting more security indigital farm management binder.their future. This stubborn rider had over $2 million inMy front door is boring white. After my trip to long-term debt. I questioned him why he wasnt lettingIreland, I considered painting it red. go, and he said he would transition equity when theEvery front door is beautiful. debt was zero. Oh boy. When I visit your farm, I hope I find all the Another farm family says dad isnt accepting that hegenerations happily managing the debt. I give you must settle a divorce with mom before he can navigatepermission to ask for what you truly want to navigate a transition plan. The debt of the parents needs to bethe debt on your farm. settled before the next generation can start charting their debt servicing.24SPUDSMART.COM Fall 2022'