When should you start succession planning? The earlier the better, says farm succession expert Len Davies.
In the second episode of the Agricultural Management Institute’s (AMI) new farm succession video series, Davies takes us to the Veenstra family farm near Port Colborne, Ontario. Here we meet Andy Veenstra who shares succession tips and strategies he used in developing a farm succession plan for a family that includes eight children.
Davies says famers should start planning for succession the day they buy the farm. “The ideal time to implement a succession plan is when the parents are 60 and the children are 30,” Davies explains. “But every situation is a little different, and that is indeed the case with the Veenstras.”
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.
“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.”
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