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A dynamic business environment tends to shorten the planning horizon. Even so, it’s important to find time and ways to plan for the future of both farm and family.
Canadian farm families who put succession planning on the backburner during a turbulent 2020 are now looking to resume the conversation.
“The current situation is a challenge and is having an effect, there’s no doubt about it. Anybody contemplating or continuing a succession plan should take stock and see where the business is, financially and personally, as of right now.”
- Terry Betker,
President and CEO, Backswath Management
For the older generation, travel can be a powerful retirement incentive. Is this still realistic? For the younger generation, current farm economics
could appear less promising than they’d like. Is today’s risk-reward picture bright enough for them to commit to?
With decades of farm business under his belt, Betker’s inclined to take the long view. The path forward for the older generation will become clearer. For the younger, the cyclicality of farming points to better days ahead.
Betker urges families to start or renew the succession planning process. Here again, COVID’s left a legacy.
“Before, you’d want everyone involved sitting around the table, and that was hard to arrange, which led to it being put off and put off,” says Betker. “I think people are now far more comfortable meeting online. Do it on Zoom or Teams if you have to, but do it. It’s a different sort of meeting, but you can still get a lot done.”
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