FARM SUCCESSION - AN IMPORTANT PART OF THE FARM BUSINESS PLAN:
MAFRI
Farming is a complex business that involves large capital
investment in land, equipment, buildings, crop and livestock
inventory and family homes. An important consideration for any
business is what happens when the owner decides to retire and it's
time for the next generation to take over.
As part of Farm Succession Week in Manitoba (Dec. 6 to 9) a
one-day seminar is being offered at various locations throughout the
province to help farm families prepare for the tough decisions that
are part of farm succession planning.
"While ownership of the family farm typically shifts from parents
to children, there are many important decisions that need to be made
in advance to ensure the smooth transition from one generation to
the next," said Bob McKenzie, farm management specialist with
Manitoba Agriculture, Food and Rural Initiatives (MAFRI). "Our
program will provide basic information and help farm managers learn
what they need to do and where to get help in areas like tax
strategies, financing, decisions on who will take over and when,
income splitting with the retiring parent(s) and helping the family
and farm operation adjust to the change in managers and management
styles."
Farmers are encouraged to invite their bankers, lawyers,
accountants and financial advisors to attend with them.
Day-long programs have been scheduled for:
- Dec. 6 - St. Pierre at the Sugar Shack,
- Dec. 7 - Roblin at the Roblin Community Centre,
- Dec. 8 - Brandon at the Victoria Inn, and
- Dec. 9 - Carman at the Carman Community Hall.
Program sponsors are MAFRI, Manitoba Agricultural Credit
Corporation and Farm Credit Canada.
Registration fee is $15 until Nov. 26, then $20 after that date.
The fee includes program registration and lunch. The program runs
from 9 a.m. to 4 p.m.
Further information and registration forms are available by
contacting district agricultural offices or Bob McKenzie at
204-945-3495.
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