In 2023, the Canadian Bar Association reported that $53 billion worth of land is expected to change hands as farmers retire over the next decade. Despite this, 88 per cent of farms lack written succession plans, and by 2033, 40 per cent of Canadian farmers will retire, marking a significant transition in Canadian agriculture. Additionally, […] Read more
Tag Archives transition plan
Farmer transitions from milk to drones and beer
Milt and Tash Olfert leave the dairy business and start two new ventures: one in the air and the other in the brewery
Two years ago, Milt and Tash Olfert decided to sell their dairy cows and quota and leave the dairy business. The southern Manitoba couple ran a dairy until their two children were in their 20s and could decide whether they wanted a farming career. “We could tell when they were in high school the interest […] Read more
Feedlot transition takes many steps
Family hopes to make process smoother by using a business tool, hiring a facilitator and holding weekly team meetings
LETHBRIDGE, Alta. — Les Wall has ownership in three feedlots and a desire to retire, so the Wall family knew they had to get serious about succession planning. The family spent years planning and thinking about the future, and then took a giant step forward by joining EOS Traction, a business tool designed to bring […] Read more
Transition planned, but not rushed
Couple will pass the farm on to son and daughter-in-law but want to ensure non-farming daughters are treated fairly
ROUND HILL, Alta. — At the end of Humphrey and Terry Banack’s driveway is a large sign listing the names and dates of the previous Banack families who lived there since the farm was established in 1906. The year 1999, when Terry and Humphrey started farming, is written on the sign, but there is no […] Read more
Use care and intention when forming a transition team
No two transition plans are the same. That is obvious to anyone who has read about the subject or has partially or completely navigated through the process. However, there are commonalities among lots of families and farms that manage through this important stage of the business lifecycle. One of those is that you will likely […] Read more
Transition planning best if it is made part of farm’s routine
In a perfect world, transition planning for management and ownership is built into the long-term planning of a farm. However, most farms approach it like a task; a single event or point in time that needs attention. While this approach can work, it can be improved, and doing so will likely provide long-term benefits. I’ve […] Read more
Farms urged to consider new succession bill
Farmers are advised to take advantage of the revamped Bill C-208 because it offers them significant tax savings when it comes to succession. Brandon-Souris MP Larry McGuire initially introduced it as a private member’s bill in 2021. It sought to amend the federal Income Tax Act to exclude the intergenerational transfer of farms and other […] Read more
Couple’s retirement plan required professional expertise
Alberta family had difficulty developing a succession plan on their own until they decided to hire a retirement expert
Hiring a professional farm retirement expert was key to a successful farm division with all parties still talking to each other at the end, said Carol Penman. For more than 50 years the three brothers, Bev, Jim, and Donald, and their families had a successful mixed farm of grain, hogs and cattle south of Czar, […] Read more
Farm families can face challenges in transition planning
There are certain issues within the transition planning process that some families may find difficult. These issues may ultimately slow or stop the transition planning process altogether. Often referred to as soft issues, they involve personal feelings and emotions. They can be more difficult to deal with than tangible issues such as taxation. Discussing these […] Read more
‘I don’t golf’ is no excuse to avoid transition plan
There is one fundamental thing that needs to happen for a successful farm transition, says an expert in the field. “It will require you, you as an individual, to change,” said Patti Durand, agriculture transition specialist with Farm Credit Canada. And change isn’t easy. She cited the example of a farm dad sitting in an […] Read more
