The Rural Voice, 2005-01, Page 22ontr.l Ta ve
,IMMSME .
Hoses Bearings Hydraulic Pumps Cylinders
THE THREE "B's" and MORE
A large in -stock supply of
Belts Bearings Bolts
BELTS: Most popular sizes of A, B, C. 3L, & 3V belts and
pulleys. Specializing in Goodyear belts - cross references
to most manufacturer's numbers.
BEARINGS: A wide range of tapers, ball, thrust, flange and pillow
blocks - metric & inch sizes available.
BOLTS: Machine, cap & plow bolts - set and Allen screws
• 1/4" to 10" • Grade 8 • English & Metric sizes
Non -stock items usually available 'overnight'
Machine Shop
Services: Rebuilding & machining castings, gears & gear boxes
Equipment
& Parts:
Hydraulic pumps, motors, valves, hose, cylinders - new,
rebuilt & exchange.
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BARFOOT'S
WELDING AND MACHINE INC.
517 Brown St., Marton (519) 534-1200 1-800-265-6224
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QUALITY • REPUTATION
HONESTY • VALUE
CSA & UL
APPROVED
CANADA'S
#1 SELLING
STAINLESS STEEL
OUT000R FURNACE
ILVAIEEY
1-800-261-0531
18 THE RURAL VOICE
you want to happen to the business.
Write it down and plan towards this
vision.
• Do discuss family and business
goals and objectives as part of the
strategic planning process.
• Do communicate with family
members about plans, strategies,
issues and problems.
• Do discuss the issue of fair
(equitable) vs. equal division of the
farm early in the process —
especially if there are off -farm family
members involved.
• Do prepare a legal will early. A
will can provide guidance on how the
estate should be settled.
• Do develop a "successor
development plan" for any family
member(s) who is (are) planning to
take over the business. This is a plan
to train and develop the successor(s),
so he/she has the appropriate skills
and knowledge to successfully run
the business.
• Do continue to generate and
discuss various options — be
creative. These will need to be
narrowed down to just a few ideas.
Think about and
discuss all the options
• Do assemble a "team" of
professional advisors (e.g., a lawyer.
accountant, financial planner, banker)
and work with them; communicate
and ensure they fully understand
what is wanted.
0 nce there are some clear ideas
of how the transfer might take
place, the team of advisors
can assist in looking at the pros and
cons of certain ideas. The family
members involved will decide upon
the best plan and strategies for their
situation. The advisors can then' 'help
document and fine-tune this plan.
• Do consider the advice and ideas
of different advisors as the plan
develops. Each advisor will have a
slightly different perspective to
consider. Remember, this is the
family's plan, not the advisors.
Family members have to buy into the
plan for it to be successful.
• Do consider the tax implications,
but don't emphasize them as the most
important thing. For example, "We
don't want to pay any taxes."