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June 12, 2017
News 
 
FBC

What the numbers say

Statistics Canada found that even though the average age of farmers has increased, only one in 12 operations have a formal succession plan outlining how the farm will be transferred to the next generation.


How to create your succession plan

Succession planning can seem like an overwhelming task. All succession plans encompass legal, financial and operational elements, but there are as many variables as there are differences in farms and farm families. However, there are common denominators to all good succession plans.


Assembling your transition team

Farm transition planning advisors agree that the most effective transition planning teams include all members of the family plus a good group of advisors. The farming family members are key, but the non-farming members also need to be kept in the loop and have an opportunity for input.


The importance of starting a succession plan early

Succession planning ensures business continuity by linking the wishes of one generation with the next generations that will be involved in the family business. Succession plans also allow farm owners to determine the terms under which they want the next generation to take over the farm, which is ultimately empowering.
 
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June 21, 2017
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