Misconceptions about farm transition planning

Family Farm Succession
June 08, 2017
By Family Farm Succession
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.

She says some of the biggest ones include:

  •  It is a one-time event in the life of a farm business
  •  It will just happen naturally if you do nothing
  •  “One day, it’ll all be yours” – it’s a waiting game
  •  All you need is your lawyer or accountant – it’s just about tax savings
  •  It means the end of farming for the current generation
  •  Equal is fair
  •  It only applies to large farm businesses
  •  It only happens between fathers and sons
  •  It’s too early to start planning now
Watson says families need to remember they are not alone, they are in control and there is plenty of help out there.

Click here for tips on choosing a successor for the family farm.

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