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MMMM d, yyyy |
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Before going off to university, Dusty Zamecnik was fed the typical line many farm kids hear: The farm will be here for you. “But that’s a weird [concept] to think about because if you try something different and it doesn’t work out, then it’s: ‘I guess I’ll go back to the farm.’ I hate that [negative] connotation, because what [I’m] doing now, I can’t ever consider that a fall back.”
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Brent Oswald signaled his interest in the mixed farming operation early on and his father took note by giving him responsibility and decision-making power at a young age. “My dad always said if his kids wanted to get the farm, he’d be the ‘ultimate partner’ helping with the transition,” Oswald says.
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Don Sundgaard, a third-generation poultry farmer, says when it comes to succession, be patient, encourage off-farm experiences and welcome both formal and informal discussions. “Give it some time, but ask questions and have the conversations.”
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As the farming populations ages, having a succession plan is more important than ever, yet less than a third of farms in Canada have a plan in place. At MNP, our teams of succession professionals work closely with you to develop your TransitionSMART™ plan so you’re well prepared to transition your business to the next generation and exit on your terms. Helping you every step of the way, we’ll address each of the S.M.A.R.T. factors (Succession, Maximizing value, Asset and wealth management, Retirement needs and Taxes) with you, your family and stakeholders.
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We end our succession planning month on a positive note, with advice from farming families who have been through the process. Here's what worked and what they would have done differently, given the opportunity.
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1. Do start planning now. The earlier planning begins, the greater number of options.
2. Do become educated about the subject — take workshops and seminars, read articles, complete self-assessment questionnaires related to succession.
3. Do figure out each individual’s personal, family and business goals.
4. Do complete a financial analysis of the past and present farm business along with financial projections.
5. Do write it down. By writing it down, all family members see exactly how the plan will unfold, which can help avoid future misunderstandings.
» Learn more... |
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