We hope D-Day will never come, but divorce, death and default can ruin any business if you’re not prepared with a solid unanimous shareholder agreement.
As with any business, there needs to be a plan for when certain events happen on your farm operation. If your farm is incorporated, it is prudent to also have a unanimous shareholder agreement in place. A unanimous shareholder agreement is intended to be the back-stop for the relationship between shareholders. In 99% of cases the agreement is never referred to but it sure is important to have when a problem arises.
Watch Tracy Hanson, Calgary lawyer, explain the benefits of having a unanimous shareholder agreement for incorporated farm operations.
This workshop was funded in part by the Agriculture & Food Council of Alberta