Farm Succession Planning

Farm succession planning involves preparing for the transfer of knowledge, skills, labour, management, control, and ultimately ownership of the farm business from one generation to the next. It is a gradual process rather than a single event, requiring time, careful thought, and open discussion to develop a plan that best suits the needs of the farm family.

Important questions must be considered along the way. Is there a potential successor, and if so, do they have the interest, skills, and ability to successfully manage the farm in the future? If no successor exists, what alternatives should be explored? Could selling some or all of the farm assets be an option? How long does the current farmer intend to continue operating the business? These are personal decisions that only the individuals involved can answer.

While planning the transfer of a family farm can be challenging, starting the process early is essential to prevent difficulties later on. Many farm families delay succession planning, so it is important for farmers and potential successors to become informed and consider their options well in advance.