The Ontario Ministry of Agriculture Food and Rural Affairs has updated its resource kit "Between Generations". The video and booklet contained in the kit are a valuable resource for farm families planning an intergenerational transfer.
The video discusses the steps farm families can work through from an emotional and business aspect in planning the succession of their farm. The video features taped conversations with a financial planner, a lender, an accountant and a lawyer.
The workbook contains a step by step guide to working through the planning process and determining family and business goals.
Between Generations can help both generations in a family farm understand the business succession process. By viewing it ahead of time, families will also make better use of their professional advisors time when the final details are worked out.
The kit is available from your local OMAFRA office for $20. Those in the Winchester area may borrow one from the OMAFRA office at no cost.