Seminars Help Producers With Succession Planning

A series of two-day seminars is being held across Prince Edward Island to provide an overview of farm succession planning. The seminars are being led by a team of management experts who will provide advice on issues to consider when transferring a farm operation to the next generation.

Colleen Younie, farm business management specialist with the Department of Agriculture and Forestry, said research conducted by Farm Credit Canada in 2001 shows the majority of farmers do not have a formal succession plan in place. Some 120,000 Canadian farmers are planning to retire over the next ten years.

"Transferring a farm takes more than a handshake; preparation is the key to success," said Younie. "Transferring an operation built up over someone's entire working life deserves to be considered carefully in light of the many alternatives and choices to be made."

The seminars will be presented by the Department of Agriculture and Forestry, Farm Credit Canada and Grant Thornton LLP who are all partners in AgriSuccess, a national coalition of organizations promoting farm planning. They are being held on January 21 and 28 at Access PEI in O'Leary; January 22 and 29 at the Loyalist Inn in Summerside; January 23 and 30 at the Dutch Inn in Cornwall; and January 24 and 31 at the Whim Inn at Poole's Corner. Producers interested in attending may contact their local district office or Farm Credit Canada.