A local account believes the biggest challenge when passing the farm to the next generation is emotions.
Owner of Muth & Co LLP, Steven Muth, presented to farmers at the High River Heritage Inn Thursday, November 22 for a Farm Credit Canada workshop.
Muth says, fear and greed often get in the way of transition planning.
"Emotions play a huge part in our decision process, and unfortunately, or fortunately, depending on the position you're in, those two emotions stop what a lot of good thought processes would be, or just stop us from moving forward because we just don't know where to go."
He says, Canadian farms and farm businesses actually have a good tax system.
"Not that taxes are great, but farming entities, and farming families, have many tax planning advantages to them that other business, or other industries don't have. Taxes should not, and should never be a barrier to estate planning or transition planning."
At the end of the day, Muth says, open and honest communication will fix most farm succession planning challenges.
"Don't start too soon, but don't start too late. Be comfortable with the decisions you make as best as you can, and don't be scared to talk to your trusted people, don't be scared to talk to your family."
Muth says, the family may not agree on everything, but members should have a good idea of what everyone is thinking when planning the future of the farm.
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