Principal lawyer and co-founder of ALLEN Trusts & Estates, Nicole Allen, has been accepted onto the Ontario Ministry of Agriculture, Food and Rural Affairs (OMAFRA) list of qualified Farm Business Advisors, a list maintained by the government to assist Ontario producers undertake the Farm Financial Assessment as part of Growing Forward Business Development for Farm Businesses.
The approval opens the path for ALLEN Trusts & Estates (http://www.allentrustsandestates.com) to offer Eastern Ontario Farm Businesses a fully implemented business and succession plan, complete with legal documents and ongoing advice that is paid for by the federal and provincial governments through the Growing Forward cost-sharing program.
The Growing Forward Business Development for Farm Businesses program is by all accounts an excellent initiative. The cost-share funding is significant and can mean tens of thousands of dollars per family toward improving the financial viability of the farm and the farmer. But many farmers haven’t taken full advantage of the program or the funding. Why? “Because they can’t find qualified professionals to do the job,” explains Ms. Allen. More information on Cost-Share funding available at http://www.allentrustsandestates.com/
“ALLEN Trusts & Estates changes that – by being both Farm Financial Advisors and a law firm specializing in farm business succession planning, we are qualified to provide our clients with a complete solution. We do the initial Farm Financial Assessment, work with our clients to develop a plan that will meet their personal and business goals, and put in place the legal documents to implement the plan. And we help our clients cover the costs of our service by guiding them through the cost-share application process. We are a one-stop shop for farm business succession planning.”
Only one third of family-owned businesses survive the transition to the second generation. And of these businesses, again only one-third will survive to the third generation, meaning that the chances that a business owner’s grandchildren will take over the business are about 1 in 10. For owners of a family farm, the business succession issues are more complicated. The tax rules are different, the family home is often located on the farm, and a bigger proportion of the business owner’s overall wealth is tied up in faming assets.
“Succession is a process, not an event. The sooner you plan for it, the better the chance of success. Right now is the ideal time for Farm Business owners to implement a sound succession plan. Government funding, local expertise, and a firm that is involved in the whole process, from the initial stages of planning through to the implementation of your plan. Why would you wait?” asks Chris Allen, Director of Sales & Marketing with ALLEN Trust & Estates.
# # #
About ALLEN Trusts & Estates
ALLEN Trusts & Estates is an Eastern Ontario based Law Office – located in rural Moose Creek, ON. They specialize is Farm Business & Corporate Succession Planning, Trust & Estate Planning & Implementing. They provide in-home service within the Eastern Ontario region. The legal team at Allen Trusts & Estates receives its direction from principal lawyer, Nicole Allen, B.A. (Hons.), LL.B. Contact ALLEN Trusts & Estates toll free – 1-866-292-8370 or online – http://www.allentrustsandestates.com