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June 26, 2019 |
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What information do current and prospective owners feel they need to overcome hurdles in succession planning?
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After years of family farm coaching, Elaine Froese shares a list of six scenarios that happen in the succession planning process. While not an exhaustive list, it’s a good starting point on what not to do during the transition process
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Weather fluctuations, trade uncertainties, higher capital investments, debt financing, narrowing margins and higher risk – to name a few – make management acumen a must-have skill for any successor.
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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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There’s something to be learned from every succession story. Anita Burnett, who helps run a diversified operation in Ontario, shares what she wishes she knew going into the succession process and advice for the incoming generation.
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