April 12, 2000 / Canadian Farm Business Management Council Press Release
WINNIPEG -- More than 60 delegates from across Canada have agreed to work toward a greater awareness and understanding of the complex process that leads to the transfer or sale of the family farm.
The Winnipeg Summit On Family Farm Succession was convened by the Canadian Farm Business Management Council, a national non-government organization devoted to developing and distributing farm management information.
More than 120,000 Canadian farmers will turn 65 in the next decade, and some $50 billion in farm assets will change hands (more than $9 million each day). Yet, statistics indicate that only 2 - 4% of farmers have a written farm succession plan.
The March 31 - April 1 meeting included representatives of farm organizations, educational institutions, federal and provincial government organizations, and the accounting, legal, banking, insurance and investment communities.
The delegates supported:
-The creation of a central clearing house to identify and make available the wide variety of technical resources currently available across the country;
-The development of expertise in dealing with the human aspects of farm succession, such as farm family counseling and facilitation, coordination of retirement plans and the personal stress of separation from the farm land, livestock and lifestyle;
-The preparation of representative case studies for use in farmer group discussion, public education and advisor training;
--Continuing education and upgrading for professional advisors who become involved in the succession process.
The Summit concluded with a commitment to work towards these goals with the coordination of the Canadian Farm Business Management Council. A national advisory committee has been struck to continue the process.
For further information, contact James Laws, Executive Director, Canadian Farm Business Management Council, 1-888-232-3262, email [email protected]:
