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Statistics Canada found that even though the average age of farmers has increased, only one in 12 operations have a formal succession plan outlining how the farm will be transferred to the next generation.
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Succession planning can seem like an overwhelming task. All succession plans encompass legal, financial and operational elements, but there are as many variables as there are differences in farms and farm families. However, there are common denominators to all good succession plans.
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Farm transition planning advisors agree that the most effective transition planning teams include all members of the family plus a good group of advisors. The farming family members are key, but the non-farming members also need to be kept in the loop and have an opportunity for input.
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Succession planning ensures business continuity by linking the wishes of one generation with the next generations that will be involved in the family business.
Succession plans also allow farm owners to determine the terms under which they want the next generation to take over the farm, which is ultimately empowering.
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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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