The Ag Succession Survey looked at the state of succession, but it also found out what is missing. What information do current and prospective owners feel they need to overcome hurdles in succession planning?
In order to better understand the implications of farm transition, a majority of survey respondents say they need more tax, legal and financial information, or all three.
Tax was the most popular puzzle piece missing, with 84 per cent of respondents answering they need more tax information to better understand the implications of transition. Legal and financial information followed closely behind, with 82 per cent and 74 per cent of respondents respectively answering they need more information on the legal and financial aspects of transition.
Seven per cent of respondents are looking for other information to help with the transition process, such as the capability of a successor, a potential owner’s commitment level, health options, larger human resources questions, and maintaining enough for retirement.
When it comes to how respondents find answers, print media, seminars, online articles and in-person events are the main sources of information. However, 19 per cent of respondents are not currently learning about the topic at all. A worrying fact, if those 19 per cent fall in the same category as the 51 per cent of respondents who do not currently have a succession plan in place.
The Ag Succession Survey is a survey conducted by Top Crop Manager, Fruit and Vegetable, Canadian Poultry, Manure Manager and Potatoes in Canada – the agricultural magazines published by parent company Annex Business Media. Throughout the months of February and March, the publications polled their readers to find out their opinions on their succession plans and the future of farming in Canada.