Wiebe Farms Joint Venture

Canadian farmers are finding creative ways to overcome land scarcity and financial hurdles for farm expansion and succession. Doyle Wiebe, a farmer in Langham, Saskatchewan, has introduced a unique joint venture that stands out for its thoroughness, shared goals, and commitment to open communication.

Wiebe’s joint venture with young farmer Mark Thompson has successfully expanded Wiebe Farms from 4,000 to 6,000 acres in three years. The farm now includes fababeans, lentils, soybeans, and quinoa alongside canola, wheat, and feed barley. This partnership allowed Thompson to quit his job and farm full-time while Wiebe stepped back to focus on agricultural politics.

The venture combines resources while retaining individual ownership, sharing revenue and expenses based on contributions in labor, investment, and depreciation. For example, labor is valued annually, investment in land and equipment receives a 5% return, and depreciation is calculated at 12% for equipment and 4% for buildings. This flexible model supports succession planning and is tax-efficient, benefiting both partners.

Their collaboration began with a Kijiji ad, followed by a trial period to ensure compatibility. Despite initial challenges, their partnership flourished, aided by mutual respect and a strong communication plan. The agreement includes life planning, involving both partners and their families in setting and achieving goals.

This innovative approach offers a promising model for other farms facing similar challenges, demonstrating the potential of joint ventures in ensuring farm sustainability and growth.

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