Take proactive steps towards farm transition early and include the next generation in the process.
Taking time to consider what moving back to farm means for parents and adult children can help make the transition easier.
Knowing the right time to stop farming is no easy task – but it’s made easier by having a good grasp on your financial picture and a solid plan in place.
Renting land can mean faster growth, better cash flow management and a successful farming operation.
The Smiths thought an equipment auction and land rentals were the way to go on retirement, until a conversation with a neighbouring farm family made them rethink their options.
Learn about the biggest transition planning challenges most farm families encounter and how to avoid them.
Consider retirement as a career change and take the same steps to plan for it as if starting a new business.
How much money does a Canadian farmer need to retire? According to farm finance and transition experts, it depends primarily on the intended lifestyle and a personal definition of financial security.
There are many factors that impact a senior partners’ ability to retire from the farm. In Episode 1, we look at questions to answer and the roles transitioning to retirement.
Farms are expensive. For families in transition, ensuring the next generation has enough capital to buy the farm while leaving the previous generation with enough to retire can be challenging.