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.
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.

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