The Farm Succession: Multi-Gen Conversations webinar was hosted by OFA in partnership with Farm Life.
In this year’s webinar, Farm Life discussed a multi-generational approach to farm succession, the family communication pieces that are a key part of succession and shared the Farm Life approach to tackling succession. The presentation portion of the webinar laid out that farm succession is about much more than the transfer of farming assets to the next generation – it also includes the transfer of labour, knowledge, skills, ownership, management and decision-making.
Farm Life Founder Darrell Wade, and Andrew Leach, Farm Life Advisor discussed that one of the reasons that farm succession is such a popular topic is that it represents the main path for the next generation to enter the farming sector in a financially viable way. That said, sometimes the topics related to succession – death, taxes, finances – are considered taboo. Planning out the next 30-40 years for the upcoming generation requires tackling these issues, which ultimately contributes to a successful succession plan.
Andrew and Darrell provided a case study to illustrate the Farm Life process, and how many common issues can be addressed in farm succession planning.
OFA members were given an opportunity to engage in a Q & A session. View a written transcribe of the Q&A session here.
OFA members must be logged in to the members only section to access the recorded version of the succession planning webinar.