non family farm succession€¦ · non family farm succession legacy holsteins atwood, ont geoff...
TRANSCRIPT
![Page 1: NON FAMILY FARM SUCCESSION€¦ · NON FAMILY FARM SUCCESSION Legacy Holsteins Atwood, Ont Geoff & Sally McMullen Steve Dolson & Karen Galbraith](https://reader031.vdocuments.mx/reader031/viewer/2022011921/603776422ab011538a5d4594/html5/thumbnails/1.jpg)
NON FAMILY FARM SUCCESSION
Legacy Holsteins Atwood, Ont
Geoff & Sally McMullen
Steve Dolson & Karen Galbraith
![Page 2: NON FAMILY FARM SUCCESSION€¦ · NON FAMILY FARM SUCCESSION Legacy Holsteins Atwood, Ont Geoff & Sally McMullen Steve Dolson & Karen Galbraith](https://reader031.vdocuments.mx/reader031/viewer/2022011921/603776422ab011538a5d4594/html5/thumbnails/2.jpg)
Lets start at the beginning…
Triple K Cattle Company Fradol Holsteins
![Page 3: NON FAMILY FARM SUCCESSION€¦ · NON FAMILY FARM SUCCESSION Legacy Holsteins Atwood, Ont Geoff & Sally McMullen Steve Dolson & Karen Galbraith](https://reader031.vdocuments.mx/reader031/viewer/2022011921/603776422ab011538a5d4594/html5/thumbnails/3.jpg)
Changing Priorities
Careers
Family
Future
![Page 4: NON FAMILY FARM SUCCESSION€¦ · NON FAMILY FARM SUCCESSION Legacy Holsteins Atwood, Ont Geoff & Sally McMullen Steve Dolson & Karen Galbraith](https://reader031.vdocuments.mx/reader031/viewer/2022011921/603776422ab011538a5d4594/html5/thumbnails/4.jpg)
Legacy
Holsteins
Dolson & Galbraith Farms Inc. 1985
100 acre dairy farm
Cows & Equipment
Quota
Common Shares:
Preference shares :
![Page 5: NON FAMILY FARM SUCCESSION€¦ · NON FAMILY FARM SUCCESSION Legacy Holsteins Atwood, Ont Geoff & Sally McMullen Steve Dolson & Karen Galbraith](https://reader031.vdocuments.mx/reader031/viewer/2022011921/603776422ab011538a5d4594/html5/thumbnails/5.jpg)
Early Goals
![Page 6: NON FAMILY FARM SUCCESSION€¦ · NON FAMILY FARM SUCCESSION Legacy Holsteins Atwood, Ont Geoff & Sally McMullen Steve Dolson & Karen Galbraith](https://reader031.vdocuments.mx/reader031/viewer/2022011921/603776422ab011538a5d4594/html5/thumbnails/6.jpg)
Expansion in the 90’s Doubled quota
Joint Venture
rented neighbours land
New Coverall Barn with Double 6 parlor
3X /day milking
Achieved production goals & increased genetic sales
1 full time employee hired
![Page 7: NON FAMILY FARM SUCCESSION€¦ · NON FAMILY FARM SUCCESSION Legacy Holsteins Atwood, Ont Geoff & Sally McMullen Steve Dolson & Karen Galbraith](https://reader031.vdocuments.mx/reader031/viewer/2022011921/603776422ab011538a5d4594/html5/thumbnails/7.jpg)
Investing in Our Future
![Page 8: NON FAMILY FARM SUCCESSION€¦ · NON FAMILY FARM SUCCESSION Legacy Holsteins Atwood, Ont Geoff & Sally McMullen Steve Dolson & Karen Galbraith](https://reader031.vdocuments.mx/reader031/viewer/2022011921/603776422ab011538a5d4594/html5/thumbnails/8.jpg)
2015: 30 years in Business !
What’s Next ?
![Page 9: NON FAMILY FARM SUCCESSION€¦ · NON FAMILY FARM SUCCESSION Legacy Holsteins Atwood, Ont Geoff & Sally McMullen Steve Dolson & Karen Galbraith](https://reader031.vdocuments.mx/reader031/viewer/2022011921/603776422ab011538a5d4594/html5/thumbnails/9.jpg)
Family’s Future Farm
Involvement
![Page 10: NON FAMILY FARM SUCCESSION€¦ · NON FAMILY FARM SUCCESSION Legacy Holsteins Atwood, Ont Geoff & Sally McMullen Steve Dolson & Karen Galbraith](https://reader031.vdocuments.mx/reader031/viewer/2022011921/603776422ab011538a5d4594/html5/thumbnails/10.jpg)
Knowing you are ready to let go
OPTIONS
CONTINUE
SELL
PARTNER
![Page 11: NON FAMILY FARM SUCCESSION€¦ · NON FAMILY FARM SUCCESSION Legacy Holsteins Atwood, Ont Geoff & Sally McMullen Steve Dolson & Karen Galbraith](https://reader031.vdocuments.mx/reader031/viewer/2022011921/603776422ab011538a5d4594/html5/thumbnails/11.jpg)
The Search
![Page 12: NON FAMILY FARM SUCCESSION€¦ · NON FAMILY FARM SUCCESSION Legacy Holsteins Atwood, Ont Geoff & Sally McMullen Steve Dolson & Karen Galbraith](https://reader031.vdocuments.mx/reader031/viewer/2022011921/603776422ab011538a5d4594/html5/thumbnails/12.jpg)
Meet
Geoff & Sally
![Page 13: NON FAMILY FARM SUCCESSION€¦ · NON FAMILY FARM SUCCESSION Legacy Holsteins Atwood, Ont Geoff & Sally McMullen Steve Dolson & Karen Galbraith](https://reader031.vdocuments.mx/reader031/viewer/2022011921/603776422ab011538a5d4594/html5/thumbnails/13.jpg)
Hello My Name Is…
Assessing the “fit”.
![Page 14: NON FAMILY FARM SUCCESSION€¦ · NON FAMILY FARM SUCCESSION Legacy Holsteins Atwood, Ont Geoff & Sally McMullen Steve Dolson & Karen Galbraith](https://reader031.vdocuments.mx/reader031/viewer/2022011921/603776422ab011538a5d4594/html5/thumbnails/14.jpg)
Now what?
Letter of Intent
First year details
All the major
points of the
future
shareholders
agreement
Investment of time
and money paying for good advisors.
![Page 15: NON FAMILY FARM SUCCESSION€¦ · NON FAMILY FARM SUCCESSION Legacy Holsteins Atwood, Ont Geoff & Sally McMullen Steve Dolson & Karen Galbraith](https://reader031.vdocuments.mx/reader031/viewer/2022011921/603776422ab011538a5d4594/html5/thumbnails/15.jpg)
Year #1 : Ensuring the Fit
Settle in
Regular Meetings
Learning/training
Set some targetsMid YR Check In
Evaluate
Refine the shareholders agreement.
![Page 16: NON FAMILY FARM SUCCESSION€¦ · NON FAMILY FARM SUCCESSION Legacy Holsteins Atwood, Ont Geoff & Sally McMullen Steve Dolson & Karen Galbraith](https://reader031.vdocuments.mx/reader031/viewer/2022011921/603776422ab011538a5d4594/html5/thumbnails/16.jpg)
Establishing
key points in
Shareholder
Agreement
Share Structure
Compensation
Timeline commitments
The Four “D”s
Exit Process
![Page 17: NON FAMILY FARM SUCCESSION€¦ · NON FAMILY FARM SUCCESSION Legacy Holsteins Atwood, Ont Geoff & Sally McMullen Steve Dolson & Karen Galbraith](https://reader031.vdocuments.mx/reader031/viewer/2022011921/603776422ab011538a5d4594/html5/thumbnails/17.jpg)
What has been the key to our success? Running a healthy business – this is your common ground – your
everyday job.
Communication, communication, communication.
![Page 18: NON FAMILY FARM SUCCESSION€¦ · NON FAMILY FARM SUCCESSION Legacy Holsteins Atwood, Ont Geoff & Sally McMullen Steve Dolson & Karen Galbraith](https://reader031.vdocuments.mx/reader031/viewer/2022011921/603776422ab011538a5d4594/html5/thumbnails/18.jpg)
Tips and Tricks for
Success1. Check in, Strategy and Financial Reporting meetings.
2. Recognize that what you heard isn’t necessarily what was said.
3. Have procedures and write them down.
4. Don’t assume you know how the other person feels
5. Establish a budget – measure against it regularly.
6. Communicate, communicate, communicate – make time for it.
7. Remember you have common interests or you wouldn’t be here.
8. You are a team – you are successful or ‘failing forward’ together.
9. Everyone has rough patches – help each other and learn to accept the help.
10. Lists are pretty great.
11. The agreement will require blood sweat and tears – but persevere anyway.
![Page 19: NON FAMILY FARM SUCCESSION€¦ · NON FAMILY FARM SUCCESSION Legacy Holsteins Atwood, Ont Geoff & Sally McMullen Steve Dolson & Karen Galbraith](https://reader031.vdocuments.mx/reader031/viewer/2022011921/603776422ab011538a5d4594/html5/thumbnails/19.jpg)