# How a farmland buyer decides what to own · Worth Owning · Horizon

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![](/images/guests/marcus-mitchell.jpg)Worth OwningEp. 05Marcus Mitchell

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Worth Owning · Episode 05

# How a farmland buyer decides what to own

Hosted by **Krystyn Harrison** · With **Marcus Mitchell**, Founder, Shire Capital ManagementOct 2025 · 46 min

0:0046:00

Watch or listen on[Apple Podcasts](https://podcasts.apple.com/us/podcast/marcus-mitchell-%241b-in-farmland-building-wealth-through/id1830558138)[Spotify](https://open.spotify.com/show/5hOpLGuAecUP1KyJerEMwC)[YouTube](https://www.youtube.com/watch?v=-E1PqV5_NFw)

## Product, moat, operator: the 3 tests behind $1B in farmland

Overview

Marcus Mitchell joined Bonnefield in 2011, when it managed about $10 million, mostly the founders’ own money. Over the next decade the firm raised about $1 billion, primarily from Canadian pension plans, and Marcus oversaw the investment of that capital as CIO. In 2021 he left to start Shire Capital Management, focused on land that grows healthy food. His first deal, British Columbia’s largest organic blueberry farm, closed in six weeks.

Marcus walks through the three tests he runs on every deal: a premium product, a moat that stops growers from flooding the market, and an operator he can trust for decades. In farming the moat is often the land itself, like a dry, isolated valley where organic berries are hard to replicate. He walks away from most deals, avoids magical thinking, and asks for evidence over promises, starting with crop yield records.

Then the turn. Shire is moving from owning land to buying operating businesses, starting with apiaries, at 2 to 4 times cash generation, and backing operators who want to grow but lack capital. For owners who have sold, Marcus explains why the strategies that create wealth differ from the ones that keep it. For owners selling, his advice is to research who the buyer is and what they want before the first conversation.

Chapters

What you’ll learn

01The three tests a buyer runs before making an offer

02Why evidence beats promises when a buyer prices your business

03How to research a buyer before the first conversation

04Why keeping wealth takes a different strategy than making it

Where does your business stand today?

[Get your Optionality Score →](/optionality-score)

## More on the episode

Episode 05Oct 2025 · 46 min

Note: Krystyn, Matt and their guests may hold interests in companies discussed in this episode. Worth Owning is not financial, legal, tax or investment advice, and is for informational purposes only. Do your own research and speak with your own professionals before making any financial decision.

[Where this shows up in your businessDo you know what your buyer wants?The Exit Partnership helps you see your business the way a buyer will, and prepares you for the conversation before it starts.See the Exit Partnership →](/exit-partnership)

![Marcus Mitchell](/images/guests/marcus-mitchell.jpg)

Guest

Marcus Mitchell

Founder, Shire Capital Management

Marcus Mitchell is the founder of Shire Capital Management and the former CIO of Bonnefield, Canada’s largest farmland manager, where he oversaw more than $1 billion in farmland acquisitions. He started Shire in 2021 to invest in land and businesses that produce healthy food, beginning with British Columbia’s largest organic blueberry farm.

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