{"id":98674,"date":"2026-08-12T11:50:21","date_gmt":"2026-08-12T15:50:21","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/?post_type=rbc_my_money_matter&p=98674"},"modified":"2026-08-12T11:50:22","modified_gmt":"2026-08-12T15:50:22","slug":"banking-on-the-farm-growing-your-farms-future","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/commercial\/banking-on-the-farm-growing-your-farms-future\/","title":{"rendered":"Banking on the Farm: Growing Your Farm\u2019s Future"},"content":{"rendered":"\n
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With over 40 years of experience successfully growing his client\u2019s farming operations, when Murray Yung offers financial advice\u2014you know it\u2019s going to be worthwhile.<\/p>\n\n\n\n

Meet Murray Yung, Senior Relationship Manager with RBC\u2019s 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.<\/p>\n\n\n\n

With strong farming roots and a profound love for agriculture, Murray wishes more people shared his gratitude towards food production: \u201cI have a great appreciation for farming, the work that goes into it, the hardships, what it takes to look after animals and crops. I\u2019ve touched it, I\u2019ve smelt it, and I\u2019ve felt it. It\u2019s incredible to think that a such a small fraction of the population (farmers) feed the entire world.\u201d<\/p>\n\n\n\n

Murray likens his job to being the coach of a team, a financial coach that gets everyone working together, coordinating with his clients\u2019 financial representatives and his own RBC colleagues. \u201cI know all of my client\u2019s accountants \u2013 they\u2019re on my speed dial. But I also bring in other partners to enhance and improve my client\u2019s farms and provide them with the necessary financial vehicles they need to help realize their dreams,\u201d says Yung.<\/p>\n\n\n\n

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Read more: Up Your Farming Business Game and Learn the Inner Game of Business Leadership<\/a><\/p>\n<\/div>\n\n\n\n

Murray\u2019s financial advice for Canadian farm owners<\/h2>\n\n\n\n

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.<\/p>\n\n\n\n

1. Successful succession planning<\/h3>\n\n\n\n

Don\u2019t squander what previous generations have gifted you. Every farming generation wants the next one to be in a better position, but it\u2019s important for new decision-makers to listen to the advice of their folks. They\u2019re the ones who built the farm up and often have keen insights into the inner workings of the farm.<\/p>\n\n\n\n

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Read more: Transition and Succession Planning for Agriculture<\/a><\/p>\n<\/div>\n\n\n\n

2. Proactive financial planning<\/h3>\n\n\n\n

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\u2019s no delay once you\u2019re ready to pull the trigger.<\/p>\n\n\n\n

3. Always put a little away<\/h3>\n\n\n\n

Pay your bills and pay yourself but make sure you\u2019re setting a little money away for a rainy day and avoid overleveraging yourself.<\/p>\n\n\n\n

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Read more: A Winning Game Plan for Your Agriculture Business<\/a><\/p>\n<\/div>\n\n\n\n

4. We can still do good things in hard times<\/h3>\n\n\n\n

Environmental challenges and extreme weather events can set you back years. In challenging times, it\u2019s 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.<\/p>\n\n\n\n

\u201cFarmers grow crops, I grow farms,\u201d says Murray. During his tenure at RBC, he\u2019s 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\u2019d be lucky to have him.<\/p>\n\n\n\n

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\u2019s a last-minute meeting request, a scheduled check-in or annual planning sessions, he loves farm visits and connecting with his clients. \u201cYou have to understand agriculture, but more importantly, you need to know your client\u2019s operation and what their goals are,\u201d he explains. \u201cIt all starts with having a conversation about their dreams \u2013 and then building a plan around that.\u201d<\/p>\n\n\n\n

Start your conversation<\/h2>\n\n\n\n

Dedicated to helping your ideas grow, RBC is more than just products \u2013 we\u2019re 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.<\/p>\n\n\n\n

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Contact RBC to set up a meeting with your local SRM today to talk about your farm goals<\/p>\n\n\n\n

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