Preparing for the future
Each year, farm operations across the province change hands whether it’s to another member of the family, a friend, or a different family, group or entity all together.
It’s a complex project that takes effort and communication involving family members and others, so planning for the farm transition just might be the most important thing you can do for you, your family and the land.
It’s never too early to start educating yourself and your family about the options for farm transitions. Even if your family isn’t quite ready to put a formal plan in place, the sooner you start learning and laying the groundwork, the easier it will be.
All family businesses are unique. Transitioning them has a direct impact on your family so family law needs to be considered when undertaking a generational transition. This includes consideration for those who work directly for the business versus those who don’t. Who is legally entitled to receive proceeds? If you have married children who are involved in the business, how do you handle their partners?
The process can seem intimidating but starting the conversation early could help avoid legal and financial problems down the road. A transition doesn’t have to be the elephant in the room!
“At Westoba, our goal is always to develop tailored solutions that focus on producing a plan with the best outcomes for our members. It’s about financial success, their way – and that never starts with a product but rather with a conversation.”
Brian Boes, Director, Financial Planning Solutions.
If you’re a retiring farmer or a farmer who isn’t yet ready to retire, a spouse, a child or heir to the farm, a non-farmer owner of land or their spouse or heirs, you have a stake in the process of transitioning a farm into new hands.
For more than half a century, Westoba Credit Union has been proudly financing farms and supporting the agri-business sector in Manitoba. We are here to help make your farm transition and the planning process as smooth as possible.
“If you are thinking about transitioning your farm, I encourage you to come and sit down with us so we can help you develop a plan that provides for the outgoing generation and ensures the in-coming generation isn’t saddled by debt.”
Rob Margetts, Director Business Solutions.
Contact us today to find out how Westoba can help you pass the torch and light the way for future generations.
Join us at Ag Days on Thursday, January 24, 2019 where Westoba will have Agrologists, Ag lenders and financial planners on hand to answer your questions and help make this an exciting time for your farm and family.