[ad_1] Listen to this articleEstimated 5 minutesThe audio version of this article is generated by AI-based technology. Mispronunciations can occur. We are working with our partners to continually review and improve the results.Young farmers from southern Ontario came together in Kitchener on Tuesday for a summit that aimed to help the upcoming generation deal with an agricultural sector dealing with rising expenses and swift changes.The gathering at Bingemans was part of Farm Credit Canada's (FCC) Young Farmer Summit Series, which takes place in various communities across the country. FCC is a federal Crown corporation that provides loans and business assistance to farmers.Jason Fiske, FCC's manager of knowledge, mentioned that these summits aim to allow young farmers to concentrate more on the financial aspects of farming."It's an opportunity for farmers to get off the farm and focus on the business," he said. "We want the next generation set up not just to survive, but to thrive."Jason Fiske, FCC's manager of knowledge, believes the next generation of farmers are ready to take on a fast-changing industry. "They're really embracing things like artificial intelligence that are going to evolve farming as a practice," he said. (Diego Pizarro/CBC)The day featured keynote addresses, panel discussions, and hands-on workshops. Participants listened to industry leaders and finance experts discussing topics such as sustainable farming practices and business management strategies.Succession planning takes center stageA significant part of the summit revolved around how families can transfer farms from one generation to another-a topic Fiske highlights as increasingly urgent in Canadian agriculture."A number of producers in Canada are starting to age towards retirement," said Fiske. "There's going to be a significant amount of transfer of farm assets across the country like we've never seen before."Statistics Canada notes that 60.5 per cent of farmers are aged 55 or older. However, only 12 per cent of Canada's 189,974 farms have reported having a succession plan.Chris Walker, a farmer from Chesley who attended the summit, remarked that succession planning can be tricky for families. He and his brother are currently taking over their family’s hay and export crop farm gradually."Farming is the previous generation's legacy," he said. "To buy that business and give them firm market value for that is almost impossible. So you have to come up with an alternate strategy to do what's fair to not only the outgoing but also incoming generations."Author Tom Deans spoke at the event; he wrote The Happy Inheritor about how some families pass on wealth thoughtfully while others let it create conflict among them. He believes more farmers should develop succession plans: "We’re inviting chaos, broken families, and broken farms," he said. (Diego Pizarro/CBC)Kamryn Geiger helps manage her father's beef farm in Zurich, Ont., attending the summit in preparation for when she eventually takes over operations there. Although she has many worries about her future role in her family's business, one stands out above others."It's probably just getting me and my brother to get along and do it well," she shared. "My dad has a lot on his plate; so taking everything over is pretty tough."One speaker was Tom Deans who authored The Happy Inheritor-a book focused on how some families thoughtfully manage their wealth while others misuse it leading into conflicts.Deans emphasizes that families need proactive approaches when it comes time for passing down their farms.“When we’re silent about succession,” he noted “we’re inviting chaos, broken families and broken farms.” Worries over increasing costs Geiger also expressed concerns regarding keeping pace with climbing prices within agriculture. "We had a huge rise in cattle prices they’re just slowly starting back down now," she explained. The summit included small workshops where farmers were grouped together allowing them time share challenges they're facing while swapping advice amongst each other. "In farming it can feel like you're sort of on your own," Fiske commented.(Diego Pizarro/CBC)Walker pointed out rising input costs across various areas including fuel price increases fertilizers labor expenses equipment all continue growing overall expenditures needed which squeezes profit margins making profitability harder each year." The cost inputs jumped sharply after pandemic closures according to Farm Input Price Index showing total input prices surged by 17% during Q2-2022-a larger increase than four & five percent seen previously years This year’s rise stood low-only two-point-six percent-but nevertheless remains high compared past periods still awaiting further info regarding pricing forecasts upcoming seasons ahead revealing little relief upcoming years ahead necessary measures taken support industry survival long term outlooks remain bright despite overall economic pressures throughout sectors related directly within food production system itself Nurturing connections The event also hosted workshops where attendees formed groups based around their birth months sharing thoughts written down stuck onto boards before discussing issues brought forth offering insights gained through personal experiences.Fiske emphasized these sessions could greatly benefit newer entrants joining industry participants alike” “In farming it often feels isolating,” remarked adding “people learn valuable lessons validating concerns opportunities challenges faced during operations encountered regularly today looking forward remaining optimistic towards future developments trends observed shifting paradigms shaping livelihood experiences impacted positively ongoing adaptations made throughout professional journeys embarked upon collectively engaged audiences present sought mutual gains achieved collaboratively moving forward.” [ad_2] Source link
