{"id":83591,"date":"2024-01-29T08:22:43","date_gmt":"2024-01-29T13:22:43","guid":{"rendered":""},"modified":"2024-09-04T09:40:05","modified_gmt":"2024-09-04T13:40:05","slug":"talking-it-over-conversations-create-successful-succession-plans","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/commercial\/talking-it-over-conversations-create-successful-succession-plans\/","title":{"rendered":"Talking it over: conversations create successful succession plans"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/commercial-insights\/\">\n\t\t\t\t\t\t\t<span>Commercial Insights<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">Talking it over: conversations create successful succession plans<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By Jane Robinson<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/01\/iStock-1297214346.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"Grandfather and grandson in the farm looking ahead\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/01\/iStock-1297214346.jpg 2121w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/01\/iStock-1297214346.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/01\/iStock-1297214346.jpg?resize=768,512 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/01\/iStock-1297214346.jpg?resize=1024,683 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/01\/iStock-1297214346.jpg?resize=1536,1024 1536w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/01\/iStock-1297214346.jpg?resize=2048,1365 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Talking it over: conversations create successful succession plans &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/commercial\/talking-it-over-conversations-create-successful-succession-plans\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/commercial\/talking-it-over-conversations-create-successful-succession-plans\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published January 29, 2024 \u2022 5 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<p>People and property. They are two key components of any farm business and also perhaps the reason that farm succession planning continues to be a tough conversation to get on the kitchen table. Beverly Agar knows this well. She farms together with her husband. She\u2019s part of her extended family\u2019s farm operation. And she\u2019s been a relationship manager with RBC for more than 17 years.<\/p>\n\n\n\n<p>\u201cIt\u2019s complicated,\u201d says Agar, who works with farm businesses in Central (Simcoe County, York and Durham Regions) and Northeastern Ontario. \u201cIn any farm business there can be many properties, many generations and many different assets involved. There can also be non-farming children to consider,\u201d she says.<\/p>\n\n\n\n<p>With so many factors involved in how to plan for the long term in a farm business, it\u2019s not surprising that only an estimated 12% of farms in Canada have a success plan. It might also have something to do with the fact that these are tough conversations to have and there\u2019s no simple process to follow that will help families navigate the successful transition of a farming operation from one generation or family to the next. And if conversations that involve the whole family aren\u2019t started early enough, transition talk can be tricky.<\/p>\n\n\n\n<p>At its heart, succession or transition planning is a forward-looking process that looks at the long-term vision for a farm. It\u2019s a thoughtful process that offers the opportunity to make plans for the future of a farm business before circumstances dictate decisions.<\/p>\n\n\n\n<p>\u201cIdeally, every farm should have some type of plan about what happens to the property and the farm business,\u201d says Agar, who includes succession planning in most conversations with her clients. \u201cWhether that includes being purchased by a third party, passing it down to family or a friend, or purchased by a neighbouring operation, everybody should have some idea of what the long-term situation is for everyone\u2019s peace of mind.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What\u2019s so tough about transitioning?<\/h2>\n\n\n\n<p>Agar knows that part of the resistance with succession planning is that there is very little standardization about the process. Every plan is as individual as the people, the property and the operation involved. There can also be the perception that it\u2019s about pushing the older generation to give up control. But it\u2019s not about that and it\u2019s also why Agar takes every opportunity to talk about plans with her clients. She uses an upbeat and enthusiastic approach \u2013 and draws on her own farm family experiences \u2013 to encourage clients to think about what comes next.<\/p>\n\n\n\n<p>\u201cWe\u2019ve all heard how farming is like no other profession, and it involves a group of people who rarely think about retiring,\u201d she says. \u201cBut I know that it ultimately helps my clients because those who have started down this journey seem to have less stress when we finally get started.\u201d<\/p>\n\n\n\n<p>For Agar, succession planning includes giving the next generation the best opportunity to be able to farm and makes sure all members of the farm business are considered. She takes a direct approach to start conversations that often include asking open-ended questions to clients and their families to get things going. What happens if you get hurt? Who can take over the daily chores? Do you have life insurance to support a surviving spouse or family member? Do you want to run the farm someday?<\/p>\n\n\n\n<p>\u201cIf you don\u2019t have a plan, your wishes for the farm may not be followed,\u201d says Agar.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How to get started on succession<\/h2>\n\n\n\n<p>An effective succession plan is as individual as the operation it is built and designed for. Agar deals with various business setups that impact the factors that go into a plan. There are sole proprietors where the spouse is not part of the business, husband and wife partnerships with no written agreement other than a marriage license, and corporations that are family run but set up as a corporate business structure.<\/p>\n\n\n\n<p>She offers a few tips for trying to get a conversation started about future plans for the farm business.<\/p>\n\n\n\n<p><strong>Start now.<\/strong> The most important advice Agar has for clients is to start now. \u201cThe day you buy a farm is not too soon to start making plans for what happens down the road,\u201d she says. Every plan is so different. \u201cHave a conversation with your banker, your accountant, your spouse, your children,\u201d says Agar. Plans can take years to pull together so start now to plant the seed.<\/p>\n\n\n\n<p><strong>Include the whole family<\/strong>. Agar thinks of a succession plan as an inheritance plan for the next generation. A thoughtful process that considers all aspects of the operation and sets out to treat everyone equitably but not necessarily equally.<\/p>\n\n\n\n<p><strong>Use your resources<\/strong>. Once Agar gets a client on the path to developing a plan, she brings in other advisors, including wealth management specialists, to be part of the planning process.<\/p>\n\n\n\n<p><strong>Review regularly.<\/strong> When you have a plan in place, remember that it\u2019s a living plan that will inevitably change. \u201cRevisit your plan regularly as situations evolve and change in the farm business and dynamics within the family change,\u201d says Agar.<\/p>\n\n\n\n<p>If you\u2019d like to read more about how to get started on a farm succession plan, check out <a href=\"https:\/\/www.rbcroyalbank.com\/business\/advice\/industry-expertise\/agriculture\/_assets-custom\/pdf\/EN_SuccessionPlanDigitalGuide.pdf\" data-dig-id=\"LP-83591-2bf9ac30\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Farm Succession Planning. Ten steps toward the future you want\" class=\"rbc-link-format\">Farm Succession Planning. Ten steps toward the future you want<\/a>.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-770758e2-9417-458a-8608-bb2250e8bd20\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Talking it over: conversations create successful succession plans &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/commercial\/talking-it-over-conversations-create-successful-succession-plans\/\">\n        <img decoding=\"async\" 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class=\"wp-block-tk-spacer id-88a4873e-1a22-4d35-94d3-ec7a0d5cf301\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/agriculture\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Agriculture<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/commercial-insights\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Commercial Insights<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/esg\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">ESG<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" 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