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June 12, 2019 |
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To better understand the results of the Ag Succession Survey, it’s important to understand who answered the survey.
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Similar to the 2016 Census of Agriculture, a majority – 51 per cent – of survey respondents who identified themselves as the current owner said they do not have a succession plan in place.
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Aside from a small percentage – 10 per cent of current owners and 11 per cent of prospective owners – the majority of farming families surveyed are having discussions regarding transition planning.
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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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At the end of the Ag Succession Survey, respondents had the opportunity to leave final comments about the topic of succession planning. We’ve collected a few of these questions dealing with family dynamics, generational concerns, and emotional barriers that come up during the farm transition process and posed them to family farm coach Elaine Froese.
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