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The importance of starting a succession plan early

Starting a succession plan early allows farm owners to determine how succession happens and under what terms the next generation takes over. Starting early is empowering. More farmers can make the decisions instead of having decisions made for them.

How to create your succession plan

All succession plans encompass legal, financial and operational elements, but there are as many variables as there are differences in farms and farm families. Each succession plan is different but it doesn’t have to be difficult. Here are 10 common elements to all good succession plans.

Resource round up

Kickstart your succession planning with some help from these national and provincial resources.

Succeeding at Succession

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. Read More Here.
Feature articles 
Ellis Seeds

Ellis Seeds: Handing down the farm, one morning coffee chat at a time

“When we first started transition planning, I was a bit naïve. I thought I’d get the farm one day and I’d plant the crop and that would be that. But, there’s so much in this business that you have to know and do. Once I fully realized it, I was a bit overwhelmed. But, you learn bit by bit and piece by piece. And slowly you make it yours.” » Read more...

The five stages of succession planning

  • Determining whether succession within the family is a viable alternative.
  • Collecting and analyzing information.
  • Developing your succession plan.
  • Monitoring the implementation of the plan and making changes as necessary.
  • Co-ordinating your succession plan with personal tax planning for retirement and the distribution of your estate. » Learn more...