Mind Your Farm Business — Ep. 67: Generational differences, Part 2: Goal setting & capital spending

(Kara Oosterhuis/RealAgriculture)

Understanding how multi-generation farms approach big-picture topics can help farm management teams (i.e. family members) better navigate difficult conversations on the future of the farm.

In this second part of a discussion with Justin Funk, managing partner of AgriStudies, podcast host Shaun Haney explores how differences in how generations set goals, measure progress, use technology, and commit capital can cause friction between family members.

Funk says that the more we understand these generational differences, the more informed discussions can be on changing practices and setting the direction of the farm, going forward.

What’s more, making assumptions about how one generation feels about a particular management topic can be problematic. For example, it’s not just the older generation that values relationships with suppliers, the next generation is relying on professionals for support and insight, Funk says.

For the full discussion on the pace of change, how to talk about goal setting, and what to expect in decisions regarding capital, listen on:

Listen to Part 1 of this discussion here!

Disclaimer: Royal Bank of Canada and its subsidiaries are not responsible for the information provided in this podcast, and this information does not necessarily reflect the views of Royal Bank of Canada or any of its subsidiaries. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its subsidiaries.

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