With nearly one in four Canadian farmers now 65 or older – and more than 40 per cent expected to retire in the next decade – the pressure to plan for farm succession is growing. That’s why clear, practical transition strategies are more important than ever.
Whether you’re preparing to pass the farm on or step into a leadership role, succession looks different for every operation. The right path depends on the goals of the family, the structure of the business, and the vision for the future.
Common succession options include:
- family succession – transferring ownership and responsibilities to a relative, often over time.
- partnerships – allowing retiring farmers to mentor successors while gradually handing over control.
- corporate structures – such as corporations or LLCs, to help manage assets and operations.
Other possibilities include selling to a third party, leasing the farm to a successor, creating trusts or estates, or even employee buyouts for long-time workers who know the farm inside and out.
Succession isn’t just about retirement – it’s about ensuring the farm continues to thrive for generations to come.
Planning, financing, and support
Farm transition planning is about building a solid foundation for the future. That means thinking through tax strategies, legal agreements, estate planning, and relationship dynamics. It also involves financial conversations, like exploring loan options to support the next generation taking over the farm.
Fortunately, there are financing tools designed specifically for young, beginning, and returning farmers. For example, Agriculture Financial Services’ (AFSC) Next Generation Loan offers competitive interest rates, an additional Next Generation rate incentive, and the flexibility of interest-only payments – making it easier to step into ownership.
Tips for a smooth transition
- Start early: Begin planning well before retirement to allow time for thoughtful decisions and gradual transitions.
- Communicate openly: Honest conversations between generations help align expectations and avoid misunderstandings.
- Get professional advice: Work with financial advisors, lawyers, and succession specialists to navigate legal and tax implications.
- Document everything: Formal agreements help clarify roles, responsibilities, and timelines.
- Invest in mentorship: Retiring farmers can pass on valuable knowledge and experience through hands-on guidance.
- Be flexible: Every farm is different—stay open to creative solutions that meet both personal and business needs.
Bridging the Gap: Farm Transition Workshops
To support Alberta’s producers through this process, AFSC, along with our partners Farm Management Canada and MNP, is hosting a series of one-day farm transition workshops across the province this fall and winter.
These workshops are designed to bring generations together – parents, children, and successors – as they begin the transition conversation.
Through meaningful discussions and sessions, participants will explore:
- Succession planning strategies
- Effective communication across generations
- Navigating resistance and tough conversations
- Building and working with a transition team
Attendees will be encouraged to share their experiences, ask questions, and learn from one another. Everyone will leave with practical tools, resources, and a clearer path forward.
Reserve your spot today
Tickets for the Bridging the Gap workshops range from $42 for an individual to $105 for a four-person farm family. AFSC has a limited number of complimentary tickets (available with promo code AFSCBTG) available.
To sign up, please use the links below. You will be taken to a third-party website, Eventbrite, to register. If you wish to learn about Eventbrite’s privacy policy, please see: Eventbrite Privacy Policy | Eventbrite Help Centre
- Bridging the Gap Farm Transition Workshop – Red Deer
November 4, 2025
iHotel & Conference Centre
Get tickets: Bridging the Gap: Red Deer - Bridging the Gap Farm Transition Workshop – Edmonton
January 29, 2025
Courtyard by Marriott Edmonton West
Get tickets: Bridging the Gap: Edmonton - Bridging the Gap Farm Transition Workshop – Vermilion
February 10, 2026
Vermilion Regional Centre
Get tickets: Bridging the Gap: Vermilion
