Your farm succession plan isn’t complete until it exists in writing

The average age of farmers in Canada is increasing. Having a written succession plan becomes more important as you age, to help secure your legacy, protect your farm operation, and reduce conflict.

Recent census data from Statistics Canada (StatsCan) shows that the average age of Canadian farmers is 56 years old, and only 12 percent of these farmers have a written succession plan. The number of farmers that reported having only a verbal succession plan was nearly twice as high, and the number with no plan at all was five-and-a-half times as high.

These statistics are concerning given how important the agriculture sector is to the Canadian economy, let alone the hardworking agriculture families like yours who need continuity and stability in their livelihood. A formal and agreed-upon succession plan, written in detail, is the ideal standard your agriculture businesses should aim for, regardless of size.

What does a written succession plan look like?

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