After years of owning and operating your family farm, you are finally ready to transition the business to the next generation. Of course, farm succession can be a complex and time-consuming endeavour. How can you ensure that family members are being treated equally or fairly? How can you ensure that you identify all of the necessary parties and their required roles in order to successfully complete the transition?
The answer is a farm succession plan. A farm succession plan is a roadmap created to facilitate the transfer of your farm business to the next generation, either within your family or to an unrelated third party.
Typically, a farm succession plan includes financial, taxation, management and labour components as well as an outline of all the parties involved along with their role within the plan. Not only can a written farm succession plan be easily referenced to address concerns, it can also be changed or adjusted in order to accommodate evolving circumstances. By allowing everyone involved in the transition to document their goals and concerns, it can help alleviate stress and anxiety by providing a clear path forward while proactively addressing areas of concern before they become an issue.
Lastly, a farm succession plan enables your team of advisors to work together to provide customized planning options and solutions for your farm business.
To explore your options for creating a farm succession plan, contact Allied Associates to learn more.