Many farmers consider the farm to be their retirement nest egg. Of course the farm will play a significant role in funding retirement, but relying solely on farm assets can create challenges when it comes to farm succession.
“You can run into trouble if you put all your eggs in one basket,” says farm succession expert Len Davies.
In this third episode of the Agricultural Management Institute’s (AMI) new farm succession video series, Davies takes us to the Funk family farm in the Niagara Region. Here we meet brothers Doug and Randy Funk who share succession tips and strategies, including how they set up an RRSP program to reduce reliance on the farm’s assets to fund their retirement plans and make succession easier.
“The Funks are really innovative thinkers and their primary focus is to ensure the continuation of their family farm,” Davies says.”Farmers can learn a lot from their approach.”
Each week in February, RealAgriculture.com premiers a new video from the series featuring Davies and families he’s worked with to develop successful farm succession plans. To view the first videos in the series click here.
“This series provides a unique perspective on the challenges farmers face when tackling farm succession,” adds Ryan Koeslag, Executive Director of AMI. “When it comes to farm business management, succession is one of the most difficult tasks. This series will be a valuable resource for farmers who need to develop and execute succession plans.”
If you cannot see the embedded video, click here.