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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.

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,
Vice President, South Western Ontario Agriculture, RBC Royal Bank®
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.

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.

What's your next move?
We're ready to help.
Have an RBC agriculture banking specialist contact you

Learn more about succession planning

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