Starting your farm transition journey? Here are resources to help

Transition is different for every farm – and is not a one-and- done project. Unsure of where to start or what to do next? Based on the Your path to farm transition, here are nine steps complete with tools and resources to help.

1. Prepare and identify

Gather details and documents about the farm structure and estate. Identify who needs to be involved and ensure they’re committed to the transition process.

• Is your farm transition-ready? How to get into that planning headspace

• Your role in farm transition: Whose job is it anyway?

• Wills and Estates Planning: What to consider when estate and transition planning

2. Assess Current State

Summarize and review the farm’s current financial position and structure, considering your family dynamics.

• Three ways to assess that you're ready for farm transition

• Assessment tool: Knowledge gaps and training needs

• Assessment tool: Roles and responsibilities

• Are you financially ready for farm transition?

3. Set Values, visions and goals

Confirm everyone is committed to transition and discuss individual and shared values to build a solid foundation.

• How value, vision and goal setting make for a powerhouse transition plan

• Ideation: Why every farm needs a mission and vision statement – and how to write one

• How to develop a successful farm vision

4. Connect with experts

Identify who’s on your professional advisory team and what skill sets you need to add.

• Focus on farm transition video series

• Tales from transition: The value of external advisors

• Your accountant wants to be part of your management team

5. Create a will and estate plan

Maintain a detailed, current will that supports your farm business plan and family commitments.

• Why an updated will is the most important part of any transition plan

• What happens if you don’t have a will - by province

• The 5 biggest estate planning mistakes everybody makes with Chris Delaney

6. Build a Business Plan

Create a written plan, budget and agreements that consider all generations’ values, vision and goals.

• How a solid business plan fits into any family farm transition

• Cost of living calculator

• 10 steps to a solid business plan

7. Train and develop

Share knowledge and help your successor gain the skills and experience needed for farm business success.

• Sharing knowledge - a major part of any successful farm transition

• Grow Your Skills

• The benefits of starting a peer advisory group

8. Align and activate

Review all details with your stakeholders and professional advisors. Agree on timelines and implement the plan accordingly.

• How effective transition planning can unlock your inner CEO

• Farm transition takes a team – here’s how to find the right fit

• Talking the Talk - Ideas for better farm communication

• Tales from transition: A junior partner success story

9. Review and revisit

Communicate regularly with stakeholders and advisors to review your plan and identify if anything needs to change.

• Why your farm transition plan should be a living document

• Does retirement seem impossible?

• The financial realities of farm retirement

• Tales from transition: A senior partner success story