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Chris Lambiris, CFP, MBA, Senior Wealth Advisor, ATB Securities Inc.
Saskatoon
Secure your legacy in Saskatoon
Navigate farm and business succession with proper planning for a smooth, financially sound transition.
By Chris Lambiris, CFP, MBA 14 November 2025 1 min read
From legacy to future.
The Prairies are built on hard work and family values, and for many in Saskatoon and across Saskatchewan, this legacy is tied up in a farm or a thriving business. But what happens when it's time to pass the torch? Whether you're navigating farm succession or corporate/business succession, proper planning isn't just a good idea, it's essential for a smooth, financially sound transition.
Planning for succession: more than just assets
Succession planning is often emotionally complex. For a farm, it might mean balancing fairness among children, some of whom may stay on the land and others who move away. For a business, it involves identifying and preparing the next generation of leadership while ensuring the company's financial health remains robust. Without a clear, documented plan, the process can lead to family disputes, significant tax liabilities, and the potential devaluation of the asset you worked so hard to build. Our goal is to help you structure a plan that clearly defines roles, manages the transfer of ownership efficiently, and minimizes unnecessary tax burdens.
The connection between retirement and estate planning
Your succession strategy should be tightly integrated with your retirement and estate planning. Here are a few questions you should ask yourself:
How will the business or farm transfer fund your retirement? Have you maximized tax-advantaged accounts? A solid retirement plan ensures you maintain your desired lifestyle without having to rely on the successor’s immediate success.
Furthermore, a comprehensive estate plan ensures that all your assets—both inside and outside the business—are distributed according to your wishes. This includes wills, powers of attorney, and trusts, all designed to protect your assets and simplify the process for your loved ones during a difficult time.
Don't wait until the transition is imminent. Starting early gives you the flexibility to adapt to changing laws and family circumstances. As your trusted Wealth Advisor right here in Saskatoon, I’m here to help you secure the future for your family and the financial health of your enterprise.
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