Passing a farm to the next generation takes years of preparation to protect family assets, keep the business running and avoid conflict between generations, two Desjardins advisers said in a presentation filmed by Farms.com at the 2026 Great Ontario Yield Tour.
Shawn Filion, a senior wealth management adviser, and Jeffrey St. Denis, an account manager for Eastern Ontario, urged families to start early and to plan with financial advisers, accountants, tax specialists and lawyers.
The first step is a shared family vision: whether the farm stays in the family or is sold, how children who do not farm will be treated, and how assets will be divided fairly. Management should pass gradually, with mentoring and clear decision-making roles, since generations differ in style and priorities.
Families must choose how ownership moves, by selling assets, transferring shares or arranging payments over time, and the farm's legal structure shapes that choice. Shareholder and buy-sell agreements can settle what happens if an owner dies, becomes disabled or leaves. Financial planning should value the farm, show how the next generation can pay for it, and count the retiring owners' living costs, including bills the farm used to cover.
Tax and estate planning, wills and powers of attorney should match the plan, and insurance should cover illness, disability or a relationship breakdown. The advisers recommended regular family meetings, written decisions and a flexible timeline with short-, medium- and long-term milestones.
Source: Farms.com
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