Finance and succession help for younger farmers

Farm Credit Canada is putting on a series of events for younger farmers so they can learn how “to take control of their business journey.”

Eight “young farmer summits” for producers under the age of 40 are being held across the country, including two in Alberta.

“The future of Canadian agriculture depends on attracting the next generation of young, bright entrepreneurs, since their dreams and aspirations will someday become our reality,” said Michael Hoffort, the ag lender’s president and CEO.

The events will feature presentations from a pair of experts in succession and finance: Tom Deans, a bestselling author and expert on intergenerational wealth transfer and Stephanie Holmes-Winton, founder and CEO of CacheFlo, which has developed “behavioural-based cash flow technology for financial professionals.”

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“A staggering 55 per cent of all farmers do not have a legal will,” said Deans. “For those who do have a will, remarkably 75 per cent have outdated documents that have not kept pace with the changes to their business and estate plans.

“Most farming families underestimate the cost, complexity and turmoil this will cause.”

The events will also have speakers on current trends in ag economics and local producers talking about their business strategy and what has worked for them.

The two Alberta summits will be held in Olds on Feb. 11 and Grande Prairie on March 26. They run from 10 a.m. to 3:30 p.m. and are free.

For more info, go to the FCC Young Farmer Summit web page. To register, go to fcc.ca/events or call 1-888-332-3301.

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