Next Gen Owners
Succession planning may appear to be a difficult topic at first, but only a very small percentage of farm owners and operators haven’t begun talking about transition.
One of the key elements of transition planning is the transfer of ownership. The Ag Succession Survey looked at who currently owns the farm and who will own the farm in the next decade.
The lack of financial support for young farmers is one of the barriers for transition planning, according to responses from the Ag Succession Survey. Within the final comments section, there were many respondents that commented how inaccessible the industry is - even for those within it.
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.
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.