Results from the 2016 Census of Agriculture show that Manitoba had the largest proportion of farm operators under 35 years of age and the second youngest population of farm operators in Canada.

Last year's census marked the first time farmers were asked if they had a written succession plan.

Over eight per cent of farms in Manitoba said they had a plan in place.

Jeff Thompson is a financial planning consultant with CIBC Wealth Strategies.

jeff thompson
Jeff Thompson - Photo Submitted

He explained why having a plan is so important.

“Usually the farm is the largest asset and represents the highest percentage of a family's net worth, so I think it's tremendously important to have a plan or strategy to deal with the biggest asset at some point and having a plan is always better than being forced to deal with something.”

Thompson notes one of the biggest challenges in putting together a succession plan is starting the conversation between parents and children.

“It's not an easy subject to deal with, so it can sometimes make for tougher conversations” he said. “I think the other challenge is sometimes putting it off too long.”

Thompson, who is based out of Brandon, says that CIBC offers a wide range of services to assist in putting a plan together.