A bank and prominent accounting firm want farmers to get a head start on the tricky issues of succession and estate planning.
The Royal Bank and Meyers Norris Penny have founded a service called ViaFarm to offer free individualized consultations on how to get started on planning for the future transition of the farm.
Randy Mowat, vice-president of marketing for Meyers Norris Penny, said accounting and financial planning specialists at the firm have seen a need for a co-ordinated approach on the issues.
There’s a “bulge” of farmers in their late 40s to mid-50s who need to start planning for the future of their farm, said Mowat.
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“We know for a fact there’s a huge need for it.”
To use the ViaFarm service, farmers will fill out comprehensive forms about the farm and their future plans.
Mowat said his company and the Royal Bank will bring together professionals who understand banking, accounting, farm management, financial planning, insurance and law for the meetings with farmers.
The sessions will first be offered in the Morden, Brandon and Portage la Prairie, Man., areas.
Teams will include professionals from the accounting firm Sill and Company, and law firms Hoeschen and Sloane, Meighen, Haddad and Co., and Greenberg and Greenberg.
In the next few months, Mowat said ViaFarm teams will start up in Swift Current, Sask., and in Brooks and Red Deer, Alta.
The Royal Bank has run similar consulting partnerships for technology companies and small businesses.
