Farm business transition is not a new challenge or opportunity for the agriculture industry, but there’s been an increased level of coverage and discussion about it in mainstream media following a well-publicized report by RBC highlighting the challenges earlier this spring.
At RealAgriculture and RealAgristudies, we are very interested in this topic and how it impacts farmers and their ability to engage in successful farm transition, which is not easy or simple in today’s complex business environment.
In any family business, dealing with the concerns of the parents, plus children in and out of the business, all under a prevailing cloud of balancing what is fair and equitable is challenging.
This survey was conducted from April 28 – May 2, 2023 and had 588 respondents, resulting in a degree of accuracy of +/- 4% with 95% confidence.
The topics explored in this survey include the following:
- The process of transition of ownership and management
- Development of a written succession plan
- Involvement of external advisors
- Usefulness of different sources of information related to transition/succession planning
- Perceived barriers to transition
- Importance and achievement of goals related to transition/succession
Watch the high level summary analysis of the study below, recorded by Justin Funk and myself. You can also download the summary slide deck of the results here.