Statistics Canada tells us that the average age of farmers is increasing. Of those farming in 2021, 60.5 per cent of farm operators were 55 years and up.
Instead of looking at it as an unstoppable march to the older generation’s demise, let’s think about it from the standpoint of a chunk of the farming population has earned a retirement plan.
On the opposite side of the coin, is the next and next-after-that generation of people (usually family) who are building careers, looking to invest in their future, and trying to carve out their place in the farm business.
A farm business transition plan shouldn’t take long to hammer out, but the implementation could, and maybe should, take years. We want to know: where are you at in the planning process? And be honest!