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June 5, 2019 |
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Confusing forms, bad customer service and excessive government regulations are leaving 69 per cent of Canadian farmers questioning whether their children should take over the farm or start their own business, given the current burden of red tape.
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Don’t know where to start? Check out our list of national and provincial resources to help answer your questions about transition planning from, “Is my operation financially ready for transition?” to “How to start the conversation?”
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Congratulations to Dale Murray of Albany, P.E.I., the winner of the Ag Succession Survey draw.
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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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One of the key elements of transition planning is the transfer of ownership. The Ag Succession Survey looked at who currently owns the farm and who will own the farm in the next decade. The results show that a majority of operations will continue to be family owned and operated and that incorporation was still the less population option by 16 per cent.
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