With over 40 years of experience successfully growing his client’s farming operations, when Murray Yung offers financial advice—you know it’s going to be worthwhile.
Meet Murray Yung, Senior Relationship Manager with RBC’s Farm Banking Solutions for over 40 years. A Saskatchewan native with deep farming roots on both sides of his family, Murray started with RBC in Ituna, Saskatchewan where he met his wife, and eventually transferred to Yorkton to start their family.
With strong farming roots and a profound love for agriculture, Murray wishes more people shared his gratitude towards food production: “I have a great appreciation for farming, the work that goes into it, the hardships, what it takes to look after animals and crops. I’ve touched it, I’ve smelt it, and I’ve felt it. It’s incredible to think that a such a small fraction of the population (farmers) feed the entire world.”
Murray likens his job to being the coach of a team, a financial coach that gets everyone working together, coordinating with his clients’ financial representatives and his own RBC colleagues. “I know all of my client’s accountants – they’re on my speed dial. But I also bring in other partners to enhance and improve my client’s farms and provide them with the necessary financial vehicles they need to help realize their dreams,” says Yung.
Murray’s financial advice for Canadian farm owners
In his 40+ years Murray has gained an incredible amount of experience in successfully managing farm finances in both the good times and the more challenging ones. A big believer in fiscal responsibility, sensible investments and timely expansion, he offers several recommendations for achieving long-term, sustainable farm growth.
1. Successful succession planning
Don’t squander what previous generations have gifted you. Every farming generation wants the next one to be in a better position, but it’s important for new decision-makers to listen to the advice of their folks. They’re the ones who built the farm up and often have keen insights into the inner workings of the farm.
2. Proactive financial planning
Proactively plan with your financial team by transparently sharing your goals. Letting your financial planner know about intended equipment purchases, land acquisitions or operational investments allows them the start the pre-approval process, so there’s no delay once you’re ready to pull the trigger.
3. Always put a little away
Pay your bills and pay yourself but make sure you’re setting a little money away for a rainy day and avoid overleveraging yourself.
4. We can still do good things in hard times
Environmental challenges and extreme weather events can set you back years. In challenging times, it’s important to leverage the relationship you have built with your financial institution. Sometimes your financial representative may be able to advocate on your behalf to restructure existing loans, provide additional solutions, or tailor a solution that suits your needs.
“Farmers grow crops, I grow farms,” says Murray. During his tenure at RBC, he’s enjoyed an outstanding track record of doing that, watching 5000-acre farms expand to over 15,000 and working with up to three different generations on the same farm. He jokes that he might make it to a fourth generation if he sticks around a few more years, but all kidding aside, they’d be lucky to have him.
Driven by the desire to see his clients be successful, Murray regards his regular farm visits as the best part of his job. Whether it’s a last-minute meeting request, a scheduled check-in or annual planning sessions, he loves farm visits and connecting with his clients. “You have to understand agriculture, but more importantly, you need to know your client’s operation and what their goals are,” he explains. “It all starts with having a conversation about their dreams – and then building a plan around that.”
Start your conversation
Dedicated to helping your ideas grow, RBC is more than just products – we’re farm advocates who want to make sure producers have the necessary knowledge, tools and resources to make sound financial decisions and help them be successful. Committed to understanding your business needs and building long-term partnerships, we look forward to helping you grow your operation.
Contact RBC to set up a meeting with your local SRM today to talk about your farm goals
This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.
