Next Gen Owners
The plan was all set – the 7,000-acre grain farm would transition from father to son, as would two other enterprises, each earning about one million dollars in revenue annually. Out of everyone in the family, only one son was interested in farming.
We've gathered the best succession advice from farming families and experts who have been through the process. Here's what worked and what they would have done differently, given the opportunity. 
One of the toughest challenges for young farmers is the uncertainty around what the plan is for the family farm in the future and how they fit into that plan. Farm transition planning brings certainty.
Heather Watson, the executive director of Farm Management Canada, says there are unfortunately a lot of misconceptions about farm transition planning, making it difficult for many farms to start the conversation.
Choosing a successor is no easy task. While various family members may have ideas about who’s entitled to inherit the farm, the current owners may have very different ideas about who has the skills to keep the farm going in the long run.
A farm transition plan, a farm succession plan, an intergenerational transfer plan, a farm continuity plan – no matter what you call it, the process of planning a successful transition of a farm business from one generation to the next can sometimes be a minefield of family dynamics.

Subscription Centre

 
New Subscription
 
Already a Subscriber
 
Customer Service  Renew

We are using cookies to give you the best experience on our website. By continuing to use the site, you agree to the use of cookies. To find out more, read our Privacy Policy.