Information Centre

Features

Successful Succession!


They say time flies when you are having fun! That is very true for those of us who have poured our time and resources into building up a farm or a business. It seems it is no time at all until we change our focus away from building a viable operation to transitioning that operation to the next generation within the family or to a third party altogether.

You will notice that we have included a brochure regarding an upcoming all day seminar on farm succession. If you are at the stage or see the time coming when you will begin considering options available to you to transfer the farm to the kids, this day will be of particular interest to you.

This session is put on by the Canadian Association of Farm Advisors (CAFA) and includes many speakers from their membership dealing with issues ranging from the touchy feely side of succession to the more technical side of making it happen.

Kelvin, as one of the speakers is pleased to give a presentation on business structure and how it relates to succession. He will mention various tools that are available to farmers wishing to pass on their operation to the next generation and yet receive for themselves a retirement lifestyle that they desire. At the same time, it is important to consider the generation picking up the torch and do the transition in such a way that they too can maintain the lifestyle that their family requires. All of this entails a lot of careful thought and planning, and often the planning is best begun years before the transition takes place, so as to lay a business structure foundation that will move seamlessly from one generation to the next. In addition to the farming child, other children must be considered in the plan as well adding an element of complexity to it and even more need to think ahead to how it all will fit together.

Please let us know if you are interested in attending this Saskatoon seminar as we can assist with your registration.