Do's and Dont's for farm succession

OMAFRA
July 31, 2018
By OMAFRA
The Ontario Ministry of Agriculture, Food and Rural Affairs (OMAFRA) shares their do's and dont's for farm succession planning. 

Do's
  1. Do start planning now. The earlier planning begins, the greater number of options.
  2. Do become educated about the subject — take workshops and seminars, read articles, complete self-assessment questionnaires related to succession; become an active participant in the planning process.
  3. Do figure out each individual’s personal, family and business goals.
  4. Do complete a financial analysis of the past and present farm business along with some financial projections. Profitability is a key piece of the puzzle — the “show stopper” when it comes to developing a succession plan. If the farm is not making money now, what can be done to make it profitable? Is the farm business viable in the long run?
  5. Do write it down. By writing it down, all family members see exactly how the plan will unfold, which can help avoid future misunderstandings.
For a full list, see OMAFRA's resource on the Do's and Dont's of farm succession. 
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