TerraLink Horticulture Inc.

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Public

n chapman testimonial

I’m getting on the road to where I’m going to be leaving the farm. How many more years can I stay with it? The numbers are against me! At eighty five, how many more years can you stay active?

NAME: 
Norm Chapman
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Location Description: 
Dairy producer, Rosedale, BC

My Testimonial

Sitting back on our heels and thinking we can do this tomorrow is not really going to help anybody. It’s time to start now.

NAME: 
Helen Blysterveld
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Location Description: 
Broiler hatching egg producer, Rosedale, BC

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Legal structure refers to the legal business entity under which the business operates. The three most common business structures are sole proprietorships, partnerships, and corporations. Joint ventures are less common, but may be useful in certain circumstances. The structure of business ownership determines how decisions are made, who will report the income of the business, who will pay taxes, and who is legally responsible for the business. The legal structure also influences the control of the business and available methods of transferring ownership.

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Involvement with your local community makes sense for a number of reasons:

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• Creates goodwill for your farm business
• Provides business opportunities
• Reduces risks to the farm
• Creates training opportunities for farm team members in decision-making, organization and people management.

Critical components of stable financial management:

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• Regular recording and monitoring of financial transactions
• Analysis of past and current performance
• Forecasting future performance, including cash flow and debt service
• Setting and monitoring financial goals
• Planning for the unexpected

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Know where you are

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You cannot change your current business immediately, nor should you want to. You have done good things to get to your current position. Understanding your strengths will shape the way you move towards your business goals. Core competencies are things your business does well. Building on these can create a competitive advantage for your farm business.

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