NSYF Annual Meeting & Farm Transition Panel

This year we’re going virtual! We are excited to announce that in conjunction with our AGM, we will be hosting a Farm Transition Panel!

When: Wednesday, December 2

Time: AGM begins @ 7:00pm, panel kicks off @ 7:30pm

It is expected that in the next ten years $50 billion in Canadian farm assets are to be transferred to the next generation or out of the industry. A 2019 survey indicated that only 16% of the farms have a written plan outlining how their transition will take place. With the transition of a farm operation being a journey that often takes years and a team of advisors to complete, this planning exercise is often delayed because there are too many jobs that need to be done today, this week or this season. The result is the senior generation feels overwhelmed and the junior generation confused with both wondering “Where do I start?” and “Who can I trust?”

Farm Credit Canada has recognized these challenges and in 2018 formed an Advisory Services team to work with farming families to do pre-transition planning. It is free service to help identify the family’s transition goals. They will perform gap analysis in identifying where things are today and how you will get to where you need to be in the future. The farm is given some guidance and direction on what steps to take. Then there is a clear hand-off to the appropriate professionals where you can clearly discuss the plan to get you to the finish line.

A big key to successful family transfers is using strong, open communication. Multi-generational farm families that have successfully transitioned did so by implementing a written plan, making decisions based on values and vision, and considering the impacts from an ideal financial, tax and legal perspective. A transition plan will examine options and identify obstacles, dealing with the management succession and the transition of assets.

To start conversations and help farmers learn from others’ experience, we will be hosting a virtual panel discussion. FCC Agriculture Transition Specialist Terry Jones will moderating the panel of three farms who will share their stories with you, followed by a question and answer session.

Panel Moderator:  Terry Jones, FCC  Agriculture Transition Specialist

 

Click here to register!

NSYF Contact

Nova Scotia Young Farmers’

7 Atlantic Central Drive
East Mountain, Nova Scotia
B6L 2Z2

Tel: (902) 893-2293
Fax: (902) 893-7063

Email: nsyoungfarmers@gmail.com