Transition
Succession Planning
Planning for a successful transition or exit from your farm is essential to ensure that your operation thrives and continues, whether you intend to pass it down to the next generation, sell it, or explore other options. A well-thought-out transition plan will safeguard your farm’s legacy, minimize disruptions, and help secure the future of your business, ensuring it runs smoothly long after you step back.
Why You Need a Smart Succession Plan
Your farm’s legacy is worth protecting. Transitioning your farm properly allows you to exit on your terms while ensuring that your business continues to serve your family, employees, and community. You only get one chance to transition, so it is important to take the time to understand the best approach and avoid potential pitfalls. Even though every situation is unique, there are common steps to a successful farm business transition.
The process can feel overwhelming, especially when it comes to discussing these decisions with family or stakeholders. The key is to start the conversation early. The earlier you begin planning, the more time you’ll have to make thoughtful decisions and implement necessary changes.
2024 Farm Succession Survey
Succession planning is one of the most pressing issues facing Nova Scotia’s agriculture sector. With an aging population and few formal plans in place, the future of many farms is uncertain.
A 2024 survey of 155 farmers across the province revealed key insights into the current state of succession planning and what’s needed to move forward.
Key Findings
- Only a small number of farmers have detailed succession plans, pointing to a significant readiness gap.
- Financial barriers, legal hurdles, and family dynamics are major obstacles.
- Many farmers are unaware of existing support programs—or don’t find them effective.
- There is a noticeable disconnect between farm owners and potential successors, underscoring the need for more collaboration and communication.
- Emotional stress and uncertainty about the industry’s future add to the complexity of planning.
The NSFA is committed to helping our members navigate these challenges. We provide practical tools, trusted resources, and support programs tailored to the unique needs of farm families across the province. Explore our resources here.
Resources
Succession planning is a multifaceted process that involves legal, financial, and personal considerations – and it’s different for every farm. While the NSFA provides guidance, resources, and local connections to support farmers in Nova Scotia, we also recognize the value of specialized tools and services that offer in-depth expertise. That’s why we’re directing you to a selection of trusted resources that can complement and enhance your transition planning journey.
MNP TransitionSMART
MNP is a national leader in farm transition planning, and their TransitionSMART program is designed to walk farm families through the entire succession process—from setting goals and building a timeline to tax planning and business structure.
Why we recommend it
- Offers personalized, in-depth planning support
- Helps navigate complex financial and tax issues
- Provides a structures approach to starting conversations and planning in phases
FCC Transition Planning Guide
Farm Credit Canada (FCC) provides a comprehensive toolkit for farmers at any stage of transition. Their guide includes workbooks, webinars, conversation starters, and tips for navigating both the financial and emotional sides of planning.
Why we recommend it:
- Built for self-paced learning and reflection
- Great for families just beginning to think about transition
- Focuses on real-life farm family stories and scenarios
FarmLink
FarmLink is a matchmaking platform that connects farm seekers with retiring farmers across Canada. Whether you’re looking to step back or find a new opportunity in agriculture, FarmLink helps facilitate connections.
Why we recommend it:
- Supports non-family succession options
- Helps bridge the gap between farm owners and emerging farmers
- Encourages innovative ownership models like shared management or gradual transition
CAHRC Succession Planning Tips
The Canadian Agricultural Human Resource Council offers a practical list of tips that highlight what to consider when starting your plan. It touches on legal, financial, and interpersonal dynamics—and offers a realistic look at what to expect.
Why we recommend it:
- Quick, digestible advice for busy farm families
- Covers both technical and human factors
- Reinforces the importance of starting early and communicating clearly
NS Farm Succession Website
This Nova Scotia-based hub compiles local programs, guides, and insights tailored to our province’s agricultural landscape. It was developed to support the unique challenges and opportunities faced by farmers here.
Why we recommend it:
- Offers a localized lens on succession
- Highlights provincial programs and supports
- Great starting point for finding resources close to home