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Page 8 • January 11, 2018 •


Every year, farming operations across Manitoba change hands. Often it’s a generational passing of the torch with children taking over the family farm. However, we’re seeing more transitions between other groups – whether it’s between friends, neighbours or a renter selling out to a lessee. Westoba Credit Union is there with you on every step of the journey. From the pre-planning stage through to completion, we can help coordinate all the professionals you’re going to need in your corner during this exciting time. Westoba has developed a Farm Transitional Mortgage, allowing the buyer to make payments to the seller over a longer period of time. This helps the buyer build their equity in the operation more quickly. In the ½VWX]IEVLEPJXLITYVGLEWITVMGIMWTEMHXSXLIWIPPIVEJXIVXLEXJYVXLIV TE]QIRXWEVIQEHIXSXLIWIPPIVSZIVE½ZI]IEVTIVMSHYRXMPXLIJEVQ is paid in full. Of course, other options are available as well. “The Farm Transitional Mortgage program isn’t just for families. We’ve had great success in other close-relationship farm transfers, like those between a landowner and a neighbour or a long-time renter - it makes the transition easier. You can have a quarter section passed on to you for no money down, start making income off the land immediately and the seller assumes no risk.” – Rob Margetts, Associate VP, Business Solutions

Since interest is charged only on the amount that has been paid to the seller, the buyer builds their equity in the farm quickly. In some cases, the need for capital for a down payment can be waived. Westoba guarantees the full sales price to the seller, so the seller assumes no risk in taking disbursements over multiple years. Every WIPPIV´WWMXYEXMSRMWYRMUYISJGSYVWIFYXXLIVIQE]EPWSFIXE\FIRI½XW to the seller. The nature of this program makes it easy for the seller to choose who to pass their operation on to. Talk to a Westoba Business Account Representative for more information about the Farm Transitional Mortgage and how it can help your operation. Westoba’s Financial Planning Solutions team can help you with the big picture of what the transition will look like for the whole family. What does mom and dad’s retirement plan look like? How can you structure parents continuing to draw a wage out of the farm? Are your insurance needs covered, especially for a young family taking over? What about non-farming children, how do you make sure they’re not left out?

“Every situation is different, that’s why the Westoba Financial Planning Solutions team draws on their years of experience to develop a road map for your whole family’s future.” – Brian Boes, Associate VP, Financial Planning Solutions


VISIT OUR AG DAYS VIP LOUNGE G Guest Speaker: Jo John C. Stewart FFarmer. Lawyer. Expert. Come have lunch on us and hear John speak about “Passing the Torch.” KEYSTONE CENTRE – Q COUNTRY HALL Thursday, January 18th at 11:30am & 12:30pm. Informal Q&A to follow at 1:30pm. Seating is limited.

Westman Journal Jan 11 2018  
Westman Journal Jan 11 2018