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MMMM d, yyyy |
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“My dad always said if his kids wanted to get the farm, he’d be the ‘ultimate partner’ helping with the transition,” Oswald says. He signaled his interest in the farming operation early and his father took note by giving him both responsibility and decision-making power very early on.
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Before going off to university, Zamecnick was fed the typical line many farm kids hear: The farm will be here for you. “But that’s a weird [concept] to think about because if you try something different and it doesn’t work out, then it’s: ‘I guess I’ll go back to the farm.’ I hate that [negative] connotation, because what [I’m] doing now, I can’t ever consider that a fall back.”
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A third generation poultry farmer, Sundgaard says when it comes to succession, be patient, encourage off-farm experiences and welcome both formal and informal discussions. “Give it some time, but ask questions and have the conversations.”
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What Ellis couldn’t have predicted 25 years ago was the level of commitment, communication and effort that would be required to help the family farm transition smoothly from his parents’ control to his own.
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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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