Succession Planning

More than 120,000 Canadian farmers are expected to turn 65 by 2010, and some $50 billion in farm assets will change hands - more than $9 million each day. Yet, statistics report less than 5 per cent of farmers have a written succession plan. What is more, agri-business owners across all sectors will at some point face the same question, "Will my business be able to survive the next generation?"

To help deal with many of the issues around the succession planning process, Canadian Federation of Independent Business (CFIB) approached a group of CAFA members to help write a six page handout for agri-business owners re the importance of planning ahead in terms of succession and retirement. CAFA has an alliance with CFIB, thus a number of our industry experts (in areas such as taxation, estates, investment, retirement, and risk management) were asked to be contributing editors of this handout. It will be ready for distribution in early Spring and CAFA members will be able to download the pdf version from our website. If you are interested in learning more about the benefits of becoming a CFIB member, please visit their website.

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