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In the third part of a series on succession planning, Management Minute focuses in on the family
For a multi-generational family farm, it’s continuity rather than profit that’s the guiding principle for succession
Looking at their options early will help ensure a bright financial future for this young farm couple
Out on the Prairies of western Manitoba, a couple — we’ll call them Herb, 30, and Sally, 28, are building their lives on a 500-acre farm they own and Herb’s 17 per cent share in a 2,500 acre family farm. Sally has a town job — she works in a bank and pulls down an […] Read moreFor Horace and Belle, retirement planning is all about minimizing taxes and maximizing their investments
In a corner of southwest Manitoba, a couple we’ll call Horace, 65, and Belle, 62, are thinking about retiring in five years. They’d like to have a pre-tax income of $120,000 per year after they’ve left the farm. They also want to harvest $250,000 from the sale of their farm to finance the purchase of […] Read moreIn this final instalment, Andrew DeRuyck and Mark Sloane offer 10 options for transferring your farm to the next generation
The moral of this series is that often the biggest obstacle in developing a succession plan is getting started. We’ve been involved in many successful transitions. The common thread is often that one generation takes the bull by the horns and develops options they feel they can offer the other generation. The following list outlines […] Read moreWith some careful planning and good investing, this Manitoba farm couple can be ready for retirement
Paul and Emma Thompson, as we’ll call them, both 50, have farmed in central Manitoba for a quarter of a century. The couple, whose names we’ve changed to protect their identities, have 800 acres they own personally and another 960 acres of pasture that their farm corporation owns. The corporation also owns 200 head of […] Read more
