How to Sell Your Farm Successfully
Farm life has always been an important part of my world. I grew up on a dairy farm on Nicomen Island near Mission, BC and have immediate family and relatives operating dairy, poultry and crop farms.
Farm life has always been an important part of my world. I grew up on a dairy farm on Nicomen Island near Mission, BC and have immediate family and relatives operating dairy, poultry and crop farms. As co-executor (with two brothers) of my father’s estate, I know all too well the result of not having a proper farm transition plan in place. Our dad had a poorly executed, unworkable Will and a non-existent farm succession plan. This led to family discord. Despite receiving the majority of the assets, the brother who inherited the farm suffered financial distress and became insolvent.
A proper transition plan would have helped him get the financial and farm management training he needed. Today, I work as a Senior Wealth Advisor with Assante Capital Management Ltd., a leading Canadian wealth management firm with extensive experience in family farm transitions. In my work with the Assante Ag Group, I provide wealth advisory services to farm and business families. This includes helping them grow and protect their assets while preserving their family wealth and legacy. In my 29 years in the business, this is what I’ve seen: that all businesspeople, especially farmers, need and want personalized financial advice that helps them achieve their life goals.
It is very clear to me that whether you have a transition plan in place or not, one day you will transfer your farm to your children, extended family or sell to a third party. The question is, will it be on your terms (voluntarily), or someone else’s (involuntarily)? Ensuring the continuity of our farming community is a personal commitment.