TransitionSMART™ — Farm and agribusiness succession planning services
Planning for the future of your farm or agribusiness is one of the most important steps you can take to ensure its continued success. At MNP, we understand the unique challenges that come with transitioning family-owned farm operations to the next generation.
Our experienced advisors are here to guide you every step of the way — whether you’re planning for retirement, passing down ownership, exploring new growth opportunities, or preparing for unforeseen changes. Our tailored strategies can help you navigate these complexities with confidence, safeguard your legacy, and ensure your farm thrives for years to come.
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Succession Planning with TransitionSMART™
Are you ready? Take our simple self-assessment and find out.
What’s your challenge?
Navigating complex regulations
Understanding and complying with the intricate legal and tax regulations involved in farm succession planning can be overwhelming.
Family dynamics
Balancing family relationships with business decisions, especially when multiple heirs are involved, can create tension and hinder effective planning.
Financial uncertainty
Ensuring the financial stability of both the retiring generation and the successors — without compromising the farm’s future — requires careful planning.
Lack of successor preparedness
Successors may lack the experience, training, or confidence to take over leadership, putting the future of the farm at risk.
Business continuity
Maintaining the operational efficiency and profitability of the farm during the transition period is critical.
Farm asset valuation
Accurate valuation of land, equipment, livestock, and other assets is essential for fair distribution and tax optimization.
How we help
Transition planning
Our advisors provide customized succession planning strategies to meet the unique needs and goals of your farm and family.
Estate planning
We offer estate planning services to ensure your assets are protected and distributed according to your wishes.
Financial advisory
We work with you to build a financial plan that supports retirement, business growth, and intergenerational equity.
Family facilitation
We facilitate family discussions to align expectations, address any conflicts, and build consensus around the future of your farm for a smooth transition.
Regulatory compliance
Our team helps you navigate legal and tax regulations, ensuring compliance and minimizing liabilities.
Governance and leadership development
We evaluate your current farm operation, help you establish effective governance structures, and support the next generation in building the skills and confidence to lead the business into the future.
Key components include legal and tax compliance, financial and estate planning, transition options, business strategy development, and long-term continuity planning.
Complete our free TransitionSMARTTM assessment. This will help us understand your current situation and identify the areas that require attention. You can also contact our team directly to schedule a consultation and begin developing a customized succession plan for your farm
Proper succession planning can help optimize tax benefits and minimize liabilities, ensuring that the transfer of assets is as tax efficient as possible.
We tailor our succession planning strategies to fit your unique needs and goals, whether you run a family farm, ranch, or agribusiness.
Succession planning advisors provide knowledgeable advice, develop customized strategies, facilitate family discussions, and ensure compliance with legal and tax regulations
The earlier, the better. Starting years ahead of retirement gives you time to explore options, prepare successors, address potential challenges, and build a thoughtful, well-structured plan.
Our team will work with you to explore all your options and develop a leadership and farm transition plan with options and strategies to support business continuity. This could include identifying potential candidates within your broader network, or considering alternatives such as selling the business, transitioning to an external buyer, or forming a strategic partnership.
It varies, but most plans take several months to a year to fully develop and implement. The earlier you start, the smoother it goes.
Yes. Life changes, laws evolve, and your business operations adapt and change. We recommend reviewing your plan every few years or after major life events.
Insights
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Progress
August 08, 2024
A bright future for farmers: Setting the stage to support the next generation
Is the Canadian ag sector in peril? With the nation on track to lose 24,000 farm workers to retirement by 2033, we explore a path forward for the family farm.
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Progress
June 05, 2024
Farm succession planning: The role of your executor and how to set them up for success
Ensure your farm transitions smoothly from one generation to the next. These tips will ensure your executor can fulfill their role as effectively as possible.
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Confidence
April 19, 2023
Mentoring and transition starts in the farm management buddy seat
The ride-a-long or farm management buddy seat is essentially a mentorship program to adequately train the next generation in the areas of farm business management – so you can leave a lasting legacy on your terms.
