Monday, November 9, 2015
Farm succession planning not always straightforward
Close to 30 people came to Luigi’s Restaurant in Pincher Creek to attend a seminar discussing succession planning for farms. A farm often has aspects that make for complications in succession planning. Multiple use of the land, supplementary businesses, and children who do or do not want to continue the business of running the farm were just a few options that were presented. There were professionals in the industries of accounting, law, and banking on hand from Young Parkyn McNab LLP Chartered Accountants, Royal Bank of Canada, and R. Roy Davidson Law Office. They gave advice and answered questions about how to transfer the assets of a farm in ways that would best serve the current owners and new operators of the farm while taking into consideration the ways the farm is to be used in the future.