Succession Planning
Source: NSFA Labour Market Information Workforce Insight Survey 2023
- 32% of the surveyed individuals plan to transfer their farm operations to a family member, showing a strong preference for keeping the farm within the family.
- A significant 32% of respondents have no planned successor, raising concerns about the future continuity of these agricultural operations.
- Only 2% of the respondents have planned a non-family member as a successor, which is quite low compared to family succession plans.
- 5% of respondents are unsure about their succession plan, highlighting a need for better succession planning education and resources.
Source: NSFA Labour Market Information Workforce Insight Survey 2023
- A significant 61% of farmers do not have a succession plan, revealing a major gap in future planning for the agricultural sector in the province.
- 16% of farmers have an informal agreement (e.g., verbal, handshake), which suggests a reliance on less formal arrangements that may not be legally binding or could lead to potential disputes.
- Only 15% have a formal written plan that is a legal document, indicating that a small fraction of farmers have taken steps to legally secure their succession plans.
- A further 6% have a written plan that is not a legal document; this could reflect initial steps in planning that have not yet transitioned into formal legal agreements.
- The 2% who don’t know if they have a plan could indicate a lack of clarity or communication about succession planning, which could lead to future vulnerabilities.
