Developing a succession plan for a farm operation is often a daunting task for many families. 

In Ontario, farming is often a family affair, where everyone has invested their blood, sweat, and tears into the operation. This makes farming not just your typical business but can often make up your family’s identity. As a farm owner, you may reach a point in your life, that you start asking yourself, “What’s my next move?” or “Who will take over the operation?” Have you as a farm owner, given these questions any thought? or even better have you put formal plan in place? According to statistics Canada 2016 Census of Agriculture, 1 in 12 farm operations have a formal succession plan. That leaves 11 out of 12 farms operations without a formal succession plan. Answers to the above questions, and having a succession plan in place, can make the transition smoother for your family. Ideally, this planning should begin years before the actual transition date. 

Our team has spent many years helping farm families formulate succession plans. We view farm succession planning as a way of preparing for the next chapter of your life and setting intentions for the future of your farm. There are many reasons a farmer might choose to transition their farm, but sometimes the decision is made for them. Too often, our farm communities are left scrambling when an unexpected health event forces an involuntary transition, due to illness, an accident or even worse death of the farm owner. Therefore, having a documented plan is crucial – yet many farm families haven’t taken this important step. 

However, putting a plan in place doesn’t have to be daunting. In fact, it can be an exciting opportunity for you, your family, and your operation.  Many farm owners get bogged down in the technical details of how the transition will happen, such as tax and legal issues, or they worry about uncontrollable events, leaving them unsure of where to start. I encourage you to begin by thinking about the big picture and what matters most to you. Consider things like: How many more years do I want to farm? Who will be my successor? What will I do with my time after farming? What does this farm operation mean to our family? From experience, these should be the starting points. When it comes to the technical aspects of planning, there are plenty of farm professionals who can help and figure out the details once you know what’s in your heart and what’s most important for your future.