With the average age of Ontario farmers now at 56.7 years, older farmers outnumber their younger counterparts. This underscores the urgency for a smooth handoff to the next generation to ensure the continuity of farms.
Vicki Lass, Director of Economic Development for Huron County, says that succession planning involves envisioning the future of the family farm,
Lass wears many hats. As a seasoned farmer on the path to retirement, she knows the intricacies of the industry from both a professional and personal standpoint. Lass emphasizes that it’s about more than just passing the torch, and involves maintaining not only the business of farming but also family relations.
The financial implications are substantial. Startlingly, only around 14% of farms in Huron County have written succession plans, despite the industry’s capital assets being valued at a staggering $12.2 billion.
Lass says that uncertainty about inheritance, ownership, and the future can lead to stress and anxiety,
In closing, Lass reminds us of the collaborative effort needed for successful succession planning
They have resources available to families looking to start their own transition planning journey, you can contact Huron County Economic Development for more information, but there are also great resources available offered by OMAFRA, the OFA and others.
Lass emphasized that succession planning is a personal journey with long-reaching consequences. Transition planning, as she prefers to call it, is a continuous process aimed at easing physical tolls and ensuring a sustainable financial arrangement. Starting early, setting milestones, and engaging in open conversations are vital steps in this journey.
Written by: B. Shakyaver
