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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 655 KB) 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 1009 KB) 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.

Family Farm Flowchart (PDF 17KB) shows the many considerations involved in transition planning, and how all of these decisions ultimately support family goals. 

Successfully managing and planning your business success starts with you. Contact your local Manitoba Agriculture GO Office for the support, advice and resources you need to make sound decisions for the continued success of your farm business.  If you have questions, email us and a farm management specialist will contact you.


Resources

 

How do you get your planning started?  Your farm family has taken the first step and are ready to start the discussion on transition planning. The retiring generation and the next generation have decided that the timing is right and the process needs to get started. Getting the process going and underway can be a challenge. Structure in the form of a formal meeting or planning process can be beneficial.

Hiring an Advisor for your Farm (PDF 312 KB)
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.

How to Choose an Advisor:  Today's farms are complicated and profit margins are often narrow. It is impossible to be an expert in everything, so farmers are increasingly outsourcing their management by hiring advisors for things such as agronomy, marketing and transition planning.

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.  

 

 


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