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MMMM d, yyyy |
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What are the common areas of family tension during a transition? Two family coaches identify first steps to help farm families start to defuse those mines and begin creating a unique path to a successful transition.
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In this short video, family farm consultant Jolene Brown provides some tough love and touches on everything succession-related, from in-laws and out-laws, off-site family and more.
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While various family members may have ideas about who’s entitled to inherit the farm, it’s about finding who has the skills to keep the farm going in the long run.
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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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Selling your farm is not the only option. For farm owners without an obvious successor, there are several options that might work out better, including negotiating with your buyer or using ag recruiting firms to find a successor.
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- What timelines are you dealing with? When do you want the succession plan developed?
- What do both parties want?
- Is there a consensus on the process you’re going to use? Will you involve outside help or conduct weekly meetings?
- What will everyone’s roles and responsibilities be throughout the process?
- Have you written any of your transition plans down?
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