Managing the pressures of farming
[Table of Content]
What is Succession Planning?
Succession planning results in a clear plan for how management and ownership of the business will be handed on in the future. The plan may include the sale of the property or handing onto family members.
Why is succession planning important?
Succession planning is important for the farm business and to farm family members. It clearly signals to all people in the business what their expectations may be and allows each family member to make their own personal plans for the short -, medium- and longer-term future. Family members may be reluctant to raise the issue in the family business setting, but a clear plan for succession can help reduce stress and anxiety of not knowing.
What does succession planning include?
- Involvement of all family members
- Good information regarding the financial and business position of the enterprise and its potential.
- Understanding of future needs
- Exploration of all options available for succession (including legal and taxation aspects)
- Open communication between all affected people
Where do I get help with developing a succession plan?
- Your solicitor may help or may refer you to a professional advisor
- Your accountant may help or may refer you to a professional advisor
- Rural Financial Counselling Services can advise – see guide 10 -page 31
Where can we access training to develop our skills in succession
planning?
A range of skill based training is available in succession planning. If you are interested in training courses in succession planning please refer to the training directory under strategic planning