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Is succession planning in your near future?
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These days, succession is on the minds of more and more Canadian producers. In many families, the older generation is thinking about life after farming. The younger generation is excited for the future and poised to take the reins.
Starting the conversation early.
Involving your family in the planning and preparation of your succession plan can make the difference between a smooth transition to the next generation and a contentious one. To ensure an effective transition, start your succession planning discussions several years in advance of when you plan to retire.
Have an RBC® agriculture banking specialist contact you >
Getting your paperwork in order.
Information that helps you analyze the current financial situation of your farm business will help determine the viability of the succession plan and how the business will sustain both the retiring generation and the next generation that's stepping up. Gathering things such as wills and directives, mortgage documents, insurance policies, etc. will ensure you have the big picture.
Find an RBC® agriculture banking specialist in your area >
Assembling a team.
While you may be tempted to keep discussions 'in the family', and not involve outside parties, working with a team of professionals who have helped other families through farm successions can be extremely valuable. These experts can provide you with insights and advice you might not have considered.
Find out how an RBC® agriculture banking specialist can play a role on your succession planning team >
If you're uncertain about the path forward, start by talking to a trusted advisor or even a neighbour who has been through it. It's just too important to leave to chance.
- Gwen Paddock,
National Manager, Agriculture & Agribusiness for RBC®
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What's your next move? We're ready to help.
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®/™ Trademark(s) of Royal Bank of Canada. RBC® and Royal Bank are registered trademarks of Royal Bank of Canada. This article is for informational purposes only and not intended to provide specific financial or other advice. Consult a professional before taking any action so your personal circumstances are taken into account.
NO PURCHASE NECESSARY. Contest is open to Agricultural Producers in Canada. Contest ends April 8, 2018 at 5:00 PM EST. One prize available to be won (approx. value $50,000). Correct answer to skill-testing question required. Complete Contest Rules available at rbc.com/feastinthefield.
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