Farm families face challenges related to retirement planning and implementation like other small businesses. As the average age of the Canadian farmer continues to increase, effective succession planning is critically important, particularly for a sector that will transfer millions of dollars in assets to the next generation in this decade.
- A significant number of farms have no succession plan (66%)
- Only 17% of farmers indicated they have a written legal succession plan
- Many farming operations have no planned successor for when they retire
- There were no planned successors outside of the family. This demonstrates a need to be able to encourage more succession planning outside of farm families if none are available or willing