Overview

The OFA strongly encourages its members to proactively put into place a succession plan that reflects the best interest of the involved parties.

Succession planning is not a one-size fits all model. Whether the ultimate outcome involves a transition to next-generation family members or to a new owner altogether, the process of transition or succession planning is one that takes careful thought and effort from both the incoming and outgoing owners.

OFA’s mission statement is Farms and Food Forever. Succession planning is a crucial step to ensure every farm’s longevity and food sovereignty for our province. In Canada, 98% of farms are family owned and operated. Statistics point to a potential of up to 40% of farmers retiring by 2033 with approximately 66 per cent of farmers not prepared for succession with no plan in place. These statistics are staggering and further emphasizes the importance of having a succession plan organized to ensure Ontario farmers can continue to produce food, fibre, fuel and flowers for future generations.

We understand that in most cases, farm business transition often involves the family home and an agricultural legacy dating back multiple generations. The emotional stakes are high and oftentimes several branches of the family tree are involved. But it’s important to have the discussion and keep the lines of communication open. Farm succession isn’t a one-time conversation—it’s an ongoing process.

Starting and growing your farm: Resources for young, new, and beginning farmers

Link to fact sheet: https://ofa.on.ca/resources/starting-and-growing-your-farm-resources-for-young-new-and-beginning-farmers/