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Finance and tax advice for succession planning

The next generation has visions of expansion, but the retiring generation is less keen on investing. How do you balance these needs in a way that makes the most financial sense?

What you need to know from a finance expert

Lance Stockbrugger, chartered accountant and farmer, explains that setting up your farm for success may mean paying a little more in the short term so you can realize your family and farm goals in the long-term.

From farm kid to farm owner: how to transition ownership

Mentorship is key for a successful transition. One important aspect is identifying the skills needed and then developing or strengthening those skills in your successor – but they aren’t the same skills farm owners required in the past.

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.
Focusing on finance

Focusing on finance – not just the farm

The farming operations of today demand a different skill set from the farms of yesterday. Management and finance skills are becoming a must-have and the lack of interest in the finance side of farming can make or break a successor’s future achievements. » Read more...

Five things you can do today for a successful succession

  1. Don’t overthink it. If you’re not sure how to start or reached a dead end in your planning, find someone to help.
  2. Read articles and resources on succession planning to be more comfortable with the topic.
  3. Start collecting documentation. Having a clear picture of your farm’s financial past and present can help with the future.
  4. Write down what you have so far. Where are you in the succession process? How do you want the transition to play out?
  5. Ask for help from your peers, professionals and those involved in your succession. Asking for help holds you accountable.
» Learn more...