Farm life has always been an important part of my world. I grew up on a dairy farm on Nicomen Island near Mission, BC and have immediate family and relatives operating dairy, poultry and crop farms. As co-executor (with two brothers) of my father's estate, I know all too well the result of not having a proper farm transition plan in place. Our dad had a poorly executed, unworkable Will and a non-existent farm succession plan. This led to family discord. Despite receiving the majority of the assets, the brother who inherited the farm suffered financial distress and became insolvent. A proper transition plan would have helped him get the financial and farm management training he needed. Today, I work as a Senior Wealth Advisor with Assante Capital Management Ltd., a leading Canadian wealth management firm with extensive experience in family farm transitions. In my work with the Assante Ag Group, I provide wealth advisory services to farm and business families. This includes helping them grow and protect their assets while preserving their family wealth and legacy. In my 29 years in the business, this is what I've seen: that all businesspeople, especially farmers, need and want personalized financial advice that helps them achieve their life goals. It is very clear to me that whether you have a transition plan in place or not, one day you will transfer your farm to your children, extended family or sell to a third party. The question is, will it be on your terms (voluntarily), or someone else's (involuntarily)? Ensuring the continuity of our farming community is a personal commitment.

Most farmers don't have time to think too far ahead into the future. That's because they're busy attending to the needs of today: producing high-quality products, overseeing employees, and managing the mind-boggling number of details that go into owning a farm. If they do think about the future, it's usually in terms of new government regulations, availability and price of land or quota for future expansion, or even what the weather will be like. The truly long-term decisions, like when to sell or transition your farm (not to mention how to do it), are mentally filed away under the heading, "Bridges to Cross when I've come to it." But that bridge may be a lot closer than you think. Understandably, most farmers have great difficulty in setting aside the time to plan for the future of their farm business in addition to working on their farm. It is the planning for the future of your farm while the sun is shining that will help protect your farm, and ultimately your family, from the rainstorms that loom ahead. You see, recently conducted surveys of privately-owned family businesses, including farms across North America, report that approximately 40% of business owners expect to exit their family business in the next five years. That number goes up to a whopping 70% within the next ten years. A significant number of these business owners indicate that they will be relying on the ongoing success of their business to finance their future lifestyle. All this applies to farmers like you. So, ask yourself: 1. Do you have a plan in place to increase the value of your farm before it's time to sell? 2. Do you have a plan in place that will enable you to transfer your farm to your family or sell to a third party? 3. Have you planned how to retire on your terms, instead of being forced to transfer or sell your farm on someone else's? 4. Are you proactively preparing a successor who will enable the continuity of your farm operation? It's true: most farmers haven't planned for the day when they will transition or sell their farm. That makes them vulnerable to an involuntary sale, meaning they will be forced to sell their farm due to death, disability, or other reasons. As you can see, the question of when and how to transition your farm is something that needs to be answered sooner rather than later. The first step is to have a plan. Having a plan in place now can save you untold time and trouble in the future... and it can also help ensure that when the time does come to transition your farm, you do it right. The stakes are high. For an overwhelming number of farmers, the sale of their farm will be their primary source of income for retirement. That's why it's crucial that they get it right. Otherwise, they will deny themselves the chance at much-needed income during a time when every dollar counts. For others, their major goal is to keep their farm in the family. But transitioning your farm, even to your own children, is a long and complex process. Finally, everyone wants to cement their legacy and good name long after the transaction takes place. I know that farmers are also business owners... and that your business is one of the most important in the entire world. I understand that owning a farm isn't easy. I also know that the decision to one-day sell or transfer out of your farm can be just as difficult. My name is Adrian Spitters. I'm a Senior Wealth Advisor with Assante Capital Management Ltd. As the child of a farmer, I can appreciate the hard work you've put into establishing a successful farm. I've prepared this special book just for you. In just a few short pages, we'll look at some of the challenges facing farmers who want to quit working someday, what the most successful farmers are doing now, and where you can get additional help. One of my goals is to give you ideas of how to plan for your eventual transition into retirement and have peace of mind.