Transition Planning

 

Whether you’re starting, growing or passing along your business, you need a solid business plan. The earlier you start to focus on your goals, the better your chances of reaching them. Explore these topics and resources you can use to make sound decisions.

 

Transition Planning Guide takes you step by step through the process of creating a transition plan for your agribusiness.  Successful transition planning involves looking ahead and planning for the future. Leaving behind a healthy business is important to keep it viable and profitable for the long term.

 

A Guide to Farmland Ownership in Manitoba (PDF) explains the factors you should consider when inheriting, buying, renting or leasing farmland. The guide discusses forms of ownership, rights and responsibilities and the legal terms used during the buying, selling and renting processes.

 

A Guide to Farm Estate Planning in Manitoba (PDF) prepares families for the successful sale or transfer of the farm business, either within or outside the family. The guide explains the considerations of transferring property during your lifetime, transferring property at death and the basics of trusts, insurance and family law.

 

 

Resources

  • How do you get your planning started?  Your farm family are taking the first step and ready to start the discussion on transition planning. It's time to prepare for the initial meeting. 
  • Hiring an Advisor for your Farm (PDF): A good advisor can provide insight and expertise, helping you move your farm from where it is now to where you want it to be. An advisor can play a number of roles for you, and may save time and money when it comes to making important decisions.
  • Preparing to Transition the Family Farm: The future prosperity of the family farm requires transition and succession planning. The retiring generation needs to think about their legacy and how they will manage financially.
  • Succession Planning - How to Make it Work: Many farm business owners avoid succession planning because they don’t know what to do, where to start or how to manage the sometimes strong feelings the topic creates in families.    
  • Farm Transition Resources 
 

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