Succession Planning

One of the most challenging conversations a farm family can have is the conversation about the future of the farm.

We understand the fears with having these conversations. But not having the conversations will almost certainly lead to conflict in the future. 

At Farm Life, our team of professional advisors are uniquely qualified to help lead your family through the succession planning process in a way that both protects family harmony and the legacy of the family farm. 

Our process focuses on four key areas: family, financial, transition and legacy.  

 

We understand the fears with having these conversations. But not having the conversations will almost certainly lead to conflict in

the future.

Family

We spend time with each family member and conduct individual discovery meetings. We then work to identify common themes and goals and host a family meeting to unify a vision for the future of the farm.

 

A scope of engagement is presented to the family to determine where and how we will spend our time during the process. We also co-create with the family a communication policy and code of conduct.

 

These outcomes determine how we all communicate throughout the succession process, what family members will have a voice, and a vote, during the planning. It also outlines our commitment of work to one another. 

 

We ask the tough questions that most advisors don’t and find the answers needed most to begin to understand how one generation visions spending their time and resources moving forward.

Financial

Farm financials are analyzed during this phase with expert team members including a certified financial planner and tax planner. Our highly qualified team of financial planners can analyze farm and personal financial needs to clarify what both generations require to maintain their financial security for both lifestyle and business success.

 

We assess farm asset to debt ratio, farm revenues and investments, needs analysis and ownership structure. Net worth statements are produced and asset-to-liability ratios.  We then quantify the options and build customized scenarios for each unique farm and family situation.

 

This is where our team is unique and can help give families the information to make good informed decisions for the future of their farm legacy.

Transition

Evaluating current roles and responsibilities helps to outline a plan for the future. We work with both generations to establish and co-create the required development path for both generations to be able to embrace the change that is needed most for their farm business transition goals to be achieved.  We create milestones and accountability for each family member involved in the business.

 

We also look at the ownership structure and develop the ownership transition plan. Clear expectations and agreements are a key part of this phase of the plan. 

 

We create milestones and accountability for each family

member involved in

the business.

 

Estate

Updating wills, POA’s and other legal agreements are the final piece of the succession planning process. Working with our legal team, we ensure all documents are reviewed and updated and reflect the direction of the succession plan. 

 

We can guide the legal team to execute the documents required to satisfy the plan we have built, by ensuring the wills, agreements and transfer of titles are implemented with success.

 

We ensure the plans that we have built can be delivered with sound peace of mind. 

Execution of the estate plan is critical to long-term,

multi-generational success. 

Continuity requires commitment and accountability to create the change that is needed most to maintain the legacy of your farm for future generations. 

PROVIDING PEACE OF MIND FOR GENERATIONS TO COME

845 Highway 7 East  |  Peterborough  |  Ontario  |  K9J 6X7

www.farmlifefinancial.ca

705-775- 8000

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