AgriSuccess
Planning to succeed - Farm transfers: Have your cake and eat it too.
Hugh Maynard
Farm succession and the concept of efficiency might seem like mixing oil and water.
The procedures that have to be followed can take up resources that could be invested into farming operations that make more money. It can also take a lot of time to figure out which grants to apply for, what process or system of farm transfer you’re going to adopt, and which professionals should – or shouldn’t – be assisting you.
But there is a way to have your cake and eat it too by carefully choosing what you do yourself, and what you hire from outside the farm. And a farm transfer is definitely one of those times when hiring out is an astute decision, since you’ll only do it twice in your lifetime – once getting in and once getting out.
Because it’s so complex, it’s not efficient for a producer to master every technical aspect of a farm transfer process. Instead, make good use of the many professionals available: the mediator, financial planner, accountant, etc., who do this on a daily basis. You wouldn’t ask your lawyer to milk your cows. Why would a farmer work out the legal technicalities of farm succession?
Although producers tend to like doing things themselves, relying on professionals allows producers to spend more time developing the farm in the short term. If the succession process is well-planned and handled, this increases the probability that the farm will be better situated for the long term.
You wouldn’t ask your lawyer to milk your cows. Why would you work out the legal technicalities of farm succession?
There aren’t many situations on a farm these days where you get to have your cake and eat it too, so a farm succession is a good time to fill up the plate.
If you’re looking for a professional, get references from your accountant or lawyer. You can also search at www.farmcentre.com/farmadvisors.
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