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MMMM d, yyyy |
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An aging population and increasing farmland values are the perfect breeding grounds for consolidation, changing the landscape of farming for the next generation of owners.
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What worked a generation ago doesn’t cut it nowadays, according to Richard Cressman, a communication coach based in Ontario. Economics and technology advancements have shifted the options available, but good communication remains required for a good succession plan.
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If not now, when? There’s never going to be a great time to start succession planning but the sooner the wheels start turning, the better. In this Q&A, Darrell Wade, founder of Farm Life Financial Planning group, explains a good succession plan requires lots of different pieces put in place over time to ensure the business survives for generations to come.
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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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“Agriculture is risky enough for young people. Give them certainty.” One of the toughest challenges for young farmers is the uncertainty around what the plan is for the family farm and how they fit into that plan. Succession planning brings certainty, so here are some tips for navigating it.
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- “One day, it’ll all be yours” – it’s a waiting game.
- It means the end of farming for the current generation.
- Equal is fair.
- All you need is your lawyer or accountant – it’s just about tax savings.
- It’s too early to start planning now.
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