Do You Want a Plan or a Crisis? Connecting the Older and Younger Generation in Farm Transition

The Real Agriculture interview with senior wealth advisor Sandra Misenko-Merkley spotlights financial succession planning as a critical, yet often overlooked, component of farm continuity. Speaking at the Advancing Women’s Conference in Calgary, she stresses that waiting until retirement to address ownership transfer can leave families vulnerable to tax, legal, and operational pitfalls. By initiating conversations in the 30- and 40-year-old range, farm owners can align personal goals with business realities, reducing the risk of a sudden crisis. Early planning also creates space for younger family members to assume meaningful roles before they are thrust into full responsibility.

Misenko-Merkley advocates a multidisciplinary team—accountant, lawyer, and wealth specialist—to navigate the complex web of accounting, tax, and legal issues inherent in agricultural estates. She highlights the value of women’s perspectives in a traditionally male-dominated sector, noting that diverse professional input enriches decision-making. The anecdote of a 16-year-old managing a four-generation Alberta farm illustrates that age alone does not determine readiness; responsibility can emerge early when supported by family structure. Bringing all stakeholders into one room ensures that best-practice advice replaces informal assumptions, fostering a smoother generational handoff.

The older generation, often focused on legacy and personal values, may fear relinquishing control, a sentiment Misenko-Merkley describes as a common barrier to transition. She argues that an imperfect plan is far preferable to reactive crisis management, emphasizing that structured succession safeguards both the farm’s financial health and the family’s relationships. For agribusiness leaders seeking guidance, she invites contact through Scotia McLeod’s Calgary office, where tailored wealth strategies can be developed. As the agricultural sector confronts aging leadership, proactive succession planning emerges as a strategic imperative for sustaining profitability and preserving heritage.