The Rural Voice, 2005-01, Page 23Instead, the goal should be to
determine and select the best process
to transfer a profitable and viable
farm business while considering the
tax consequences and preserving as
much family capital as possible.
Sometimes paying a little tax now is
better than getting hit with a big tax
bill later (if the strategy was to defer
taxes).
Don'ts include:
• Don't procrastinate — start
talking about succession now.
• Don't be afraid to ask questions
and listen carefully to the answers —
even though you might not like them.
• Don't assume you know how
others feel about the process or what
they want to achieve from the
succession plan. Listen carefully and
ask questions if you don't
understand.
• Don't be afraid to share
responsibilities. Both generations
will need to work together to ensure
the transfer of labour, management
Don't be afraid to
share responsibilitg
and assets. As mentioned above, a
"successor development plan" (a
plan to ensure the next generation
has the skills, abilities and
knowledge to successfully operate
the business) can help.
• Don't define one's life as the
business. There is more to life than
work — family, friends, leisure
enjoyment, sports, hobbies, etc.
• Don't put all your eggs into one
basket. Plan ahead, think early about
retirement, save and invest off -farm,
so that you will have some options in
the future.
• Don't rely on just one professional
advisor. While each individual is
important to the process, one person
cannot possibly provide all of the
answers to everything involved in a
farm succession plan.
The provincial and federal
governments have been co-operating
on providing funding for farm
families needing professional advice
in succession planning, Coughler
says. You can access information on
this funding through the business
management section of the OMAF
website.0
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JANUARY 2005 19