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This checklist will help you identify the elements of the transfer that you are best prepared to handle, pinpoint differences in perception among members of your transfer team, update your action plan that will lead you to a successful transfer.

About this Resource
A new resource produced by the Quebec Farm Management Group is designed to help you and your family prepare for farm succession.

The questionnaire, 60 Questions to Prepare the Succession of a Business will help bring everyone in your family and business  to the same level of understanding of the succession planning process for your farm business – your current stage in the planning process and next steps.  This resource can be used for traditional (family) or non-traditional (non-family and new entrants into farming) to get a better grasp of what is involved in farm succession and although geared toward the family transfer of a farm, this questionnaire still applies to the succession of any farm business.

The goal of this resource is to allow everyone’s opinion to be heard and understood by all participants. Human and financial aspects of the business transfer are considered in the questionnaire to give a good overall view of the succession plan.  Having everyone involved in the farm succession complete the questionnaire will identify the areas you are already quite efficient to handle and the areas that need improvement in your succession planning process.

The questionnaire consists of 60 ‘Yes’ or ‘No’ questions divided into 6 sections:

1. The decision to keep the business within the family
2. The communication plan
3. The business development plan
4. The plan for integrating the successor(s)
5. The retirement plan
6. The plan to transfer assets

It is suggested to take time for each individual involved in the farm transfer to answer the questionnaire on their own.  Reconvene as a team, along with any consultants involved in the succession, to compare answers and see where everyone sits within the succession planning process.  From your combined answers, work together to create an action plan that will lead towards a successful farm business transfer.

The questionnaire was prepared by: Serge Préfontaine- Cégep de Victoriaville, in cooperation with Raymond Racicot- GCA Coaticook, and Brigitte Paré and Antonine Rodrigue – CREA.