With nearly one in four Canadian farmers now 65 or older – and more than 40 per cent expected to retire in the next decade – the pressure to plan for farm succession is growing. That’s why clear, practical transition strategies are more important than ever.
Whether you’re preparing to pass the farm on or step into a leadership role, succession looks different for every operation. The right path depends on the goals of the family, the structure of the business, and the vision for the future.
Common succession options include:
- family succession – transferring ownership and responsibilities to a relative, often over time.
- partnerships – allowing retiring farmers to mentor successors while gradually handing over control.
- corporate structures – such as corporations or LLCs, to help manage assets and operations.