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The importance of starting a succession plan early

Starting a succession plan early allows farm owners to determine how succession happens and under what terms the next generation takes over. Starting early is empowering. More farmers can make the decisions instead of having decisions made for them.

How to create your succession plan

All succession plans encompass legal, financial and operational elements, but there are as many variables as there are differences in farms and farm families. Each succession plan is different but it doesn’t have to be difficult. Here are 10 common elements to all good succession plans.

Resource round up

Kickstart your succession planning with some help from these national and provincial resources.
Ellis Seeds

Ellis Seeds: Handing down the farm, one morning coffee chat at a time

“When we first started transition planning, I was a bit naïve. I thought I’d get the farm one day and I’d plant the crop and that would be that. But, there’s so much in this business that you have to know and do. Once I fully realized it, I was a bit overwhelmed. But, you learn bit by bit and piece by piece. And slowly you make it yours.” » Read more...
Five Points

The five stages of succession planning

  • Determining whether succession within the family is a viable alternative.
  • Collecting and analyzing information.
  • Developing your succession plan.
  • Monitoring the implementation of the plan and making changes as necessary.
  • Co-ordinating your succession plan with personal tax planning for retirement and the distribution of your estate. » Learn more...