It’s no secret that Canada’s farm population is aging. Statistics Canada’s 2021 Census of Agriculture revealed that over 60 per cent of Canada’s farmers are 55 and older and that many of those farmers have no transition plan for their farms.
Which is cause for concern.
Decades of hard work and sacrifice could be wiped out when it’s time for an ownership change without a written transition plan. A formal plan provides clarity and stability while minimizing disruptions and risks to the business.
“It’s important to put yourself, your family and your farm in the best position for success and that includes a farm transition plan that is carefully considered and thoroughly done,” said Nick Oakley, business development lead with Farm Management Canada.
“Every farm has already experienced transition at some point in its existence and will do so again. It’s inevitable, yet often overlooked or forgotten about. There are so many factors and moving parts involved that it can seem like an overwhelming task.”
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