Farmers in Canada aren’t completely ready for the future

Apr 30, 2015

Only 30% of people polled are actively drawing up succession plans

According to the 2015 Canadian Agricultural Outlook carried out by Ipsos Reid, 62% of people polled are expected to transfer their farm to family members or other parties, but only 30% of those farmers have actually drafted a formal succession plan.

The survey polled 455 farmers from December 3 – 22, 2014.

“We know that farmers are often so busy with their day-to-day work, it can be difficult to even think about the day when they won’t be farming,” said Gwen Paddock, National Director, Agriculture, RBC (Royal Bank of Canada). “But we also know that the future success of their farms depends upon having a well thought-out succession plan in place. Working with a qualified advisor, accountant and lawyer to formalize a succession plan can help ensure a seamless transition to the next generation of farmers and provide the means for today’s farmers to enjoy their retirement.”

Succession planning can be a sensitive, yet necessary step and Paddock provided some tips for farmers and their families to consider when those plans are on the horizon.

Farmers should give themselves lots of time
Paddock suggests starting the planning process five years before the farm might be sold so farmers can handle any unexpected bumps.

Use all available expert resources
Accountants and financial advisors can be a great tool for succession planning and should be part of the plan. Online resources like the Agri-Food Management Institute can give farmers a solid base to start their plans with.

Communicate the intentions
Whether its family or other people who will take over the farm, it’s important to include them in the succession planning early on in the process.

Join the conversation and share your experiences with succession planning and any of your own tips you can pass on to other farmers and their families.

RBC's Gwen Paddock provided some tips for succession planning
RBC's Gwen Paddock, National Director, Agriculture, provided some tips for succession planning.

Video: Evolution of Beef Cattle Farming

The Clear Conversations podcast took to the road for a special episode recorded in Nashville during CattleCon, bringing listeners straight into the heart of the cattle industry. Host Tracy Sellers welcomed rancher Steve Wooten of Beatty Canyon Ranch in Colorado for a wide-ranging discussion that blended family history and sustainability, particularly as it relates to the future of beef production.

Sustainability emerged as a central theme of the conversation, a word that Wooten acknowledges can mean very different things depending on who you ask. For him, sustainability starts with the soil. Healthy soil produces healthy grass, which supports efficient cattle capable of producing year after year with minimal external inputs. It’s an approach that equally considers vegetation, animal efficiency, and long-term profitability.

That philosophy aligned naturally with Wooten’s involvement in the U.S. Roundtable for Sustainable Beef, where he served as a representative for the Colorado Cattlemen’s Association. The roundtable brings together the entire beef supply chain—from producers to retailers—along with universities, NGOs, and allied industries. Its goal is not regulation, Wooten emphasized, but collaboration, shared learning, and continuous improvement.