Passing down your family farm and your farming business requires much more planning than the typical business transfer because farming is more than a business - it is a lifestyle. What’s more, it is a lifestyle undergoing dramatic change as economic pressures transform agriculture.
As a farmer you have many, often conflicting, goals for you and your family. Here are a few examples of fairly typical objectives:
- To give members of the next generation an opportunity to come into the business
- To maintain the farm as a viable, economic unit capable of supporting the needs of two (even three) generations
- To treat all children fairly (even if it is impossible to treat them equally.)
- To keep the farm in the family
- To provide adequately for the older generation during retirement (which they might be planning to spend living on the farm)
These objectives present unique challenges and achieving them all can be a tall order. Although the challenges are different the planning process is the same.
Anne Elliott is an agricultural expert with a special interest in succession planning. Anne has extensive experience of the issues you will need to consider to put your affairs in order and secure peace of mind.