Farm Succession Planning Guide
Learn about the importance of farm succession planning and how to create a succession plan for your farm. This information is for commercial livestock and crop farmers in Ontario.
ISBN 978-1-4868-4005-2 (Print)
ISBN 978-1-4868-4006-9 (PDF)
The Farm Succession Planning Guide, Publication 70 provides farmers, farm families and farm business advisors with a practical guide to the succession planning process.
Succession planning involves the planning and implementation of strategies to transfer labour, knowledge, skills, management control, decision making and ownership of a farm to the next generation.
The farm succession planning process includes:
- collecting and analyzing information about your farm
- creating options for succession
- making preliminary decisions
- designing, developing and reviewing your plan
- implementing, monitoring and adjusting your plan
This 120-page guide includes checklists, tools and information to help guide you and your family through the planning process. It contains information about:
- the importance of good interpersonal relationships
- farm business organizations
- operating agreements
- ownership transfer methods
- taxation implications
- retirement from farming
- wills and other legalities affecting farmers
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