The Ontario Ministry of Agriculture, Food and Rural Affairs (OMAFRA) shares their do's and dont's for farm succession planning.
Let us help you kickstart your succession planning with some help from these national and provincial resources.
There’s a lot to think about as a family transitions its farm business to a new generation. Who is the best person to pass the reins to? What skills and training do they need to prepare them for the role of farm owner and operator? What process will the family follow during the transition? And, of course, what are the financial and tax implications of succession for both the current owner and the successor?
“Be afraid of the ‘Tim Hortons lawyer’ – someone down at the coffee shop who wants to give you advice on how to put together your succession plan,” says Robert Fuller, a partner at Simcoe, Ont.-based Brimage Law Group.