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One of the toughest challenges for young farmers is the uncertainty around what the plan is for the family farm in the future and how they fit into that plan. Farm transition planning brings certainty.
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Choosing a successor is no easy task. While various family members may have ideas about who’s entitled to inherit the farm, the current owners may have very different ideas about who has the skills to keep the farm going in the long run.
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Two family coaches identify some common areas of family tensions in the farm transition process. They also outline some first steps to help farm families start to defuse those mines and begin creating the family’s unique pathway to a successful transition and purposeful future for all family members.
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We’ve gathered the best succession advice from farming families who have been through the process. Here's what worked and what they would have done differently, given the opportunity.
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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.
>> Read More Here |
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