Succession planning is often a complex issue for farm businesses. The following document is a sound, factual guide that will provide an important starting point for many families.
The key messages in the document are: the need to plan, the need for expert assistance, and the importance of keeping the family and business intact.
The most important principles involved in a succession plan are:
– to work out what the exiting generation wants to do; where they’ll live and what they’ll do in retirement; if succession is an option
– to identify the needs and aspirations of each family member in each generation
– to build, maintain, and if necessary, repair relationships between family members
– to manage expectations amongst family members
– to look at transferring management and control of the farm over time
– to sort out how to transfer ownership of the farm
– what agreement there should be for the incoming generation and what provision to make for the non-farming children
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