NON FAMILY FARM SUCCESSION

Legacy Holsteins Atwood, Ont

Geoff & Sally McMullen

Steve Dolson & Karen Galbraith

Lets start at the beginning…

Triple K Cattle Company Fradol Holsteins

Changing Priorities

Careers

Family

Future

Legacy

Holsteins

Dolson & Galbraith Farms Inc. 1985

100 acre dairy farm

Cows & Equipment

Quota

Common Shares:

Preference shares :

Early Goals

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

Investing in Our Future

2015: 30 years in Business !

What’s Next ?

Family’s Future Farm

Involvement

Knowing you are ready to let go

OPTIONS

CONTINUE

SELL

PARTNER

The Search

Meet

Geoff & Sally

Hello My Name Is…

Assessing the “fit”.

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.

Year #1 : Ensuring the Fit

Settle in

Regular Meetings

Learning/training

Set some targetsMid YR Check In

Evaluate

Refine the shareholders agreement.

Establishing

key points in

Shareholder

Agreement

Share Structure

Compensation

Timeline commitments

The Four “D”s

Exit Process

What has been the key to our success? Running a healthy business – this is your common ground – your

everyday job.

Communication, communication, communication.

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.