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When you take a step back and look at everything you have worked so hard to build – your legacy – you never want to leave anything to chance. With succession planning there are many questions that need to be answered. Important questions that ensure you get a clear picture so you can transition your farm on your terms.
We’ve invested substantial time and resources into understanding every aspect of the client groups we specialize in working with. As a result, we’re able to provide customized consulting services, advice and strategies that will safeguard your operation and allow you to thrive.
Succession is complex. There are many aspects to take into consideration. A will or other simpler forms of succession planning do not cover everything. Also, proper succession planning can make for sound business decisions. Having the insight and strategies effectively positions your operation for success.
TransitionSMARTTM is the most comprehensive succession program available for farmers. Why? Because we address everything you need to ensure you transition your farm on your terms, never leaving anything to chance. From effective tax strategies to estate planning, family consulting to wealth and asset management, there are so many things you need to take into consideration to ensure the most successful transition for you and your successor.
A financial plan that outlines where money will come from and how it will be spent. It also addresses tax implications regarding annual living and if you relocate when you retire.
By assessing your net worth and reviewing business financials, we help you build a plan that meets your immediate needs and retirement goals.
Overview of how the farm business is currently structured and how this will change during the transfer.
Is an outline by which the family communicates and makes decisions on key issues.
A skills profile outlining what is needed to manage the farm. The plan also identifies skill gaps for key stakeholders and a performance review mechanism to gauge progress in training and development for successors.
An outline of how everyday activities will be managed including roles, responsibilities and authorities for managing the operation on a daily basis.
A summary outlining the overall timing of key activities within the transition process so they can be monitored, measured and amended.
Identifies risks and lists factors that may affect your transition plan including death, disability, divorce, illness, or business downturn.
Bruce Tait is the Senior Vice President of Agriculture and Resource Industries with MNP. Bruce leads MNP’s Agriculture and Food Teams, including Livestock, Primary Producers, Government Programs, Farm Management Consulting and Food Processing. With more 25 years’ experience, Bruce has in-depth insight into the unique challenges and opportunities facing the agriculture and resource industries.
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