Ensure you have the right plan in place
You know it's going to happen but how and when is the big question, and one that always seems to be put on the back burner for just another time.
How often have you thought:
- I run the farm and know I need to hand it down, but it's all too complicated and what if it causes an upset?
- I work the farm but it's not in my name and I don't know how to broach the subject.
- I want to put plans in place, so that everyone knows where they stand but I have no idea where to start.
- I don't understand how the future of the farm can support my family and my siblings' families. I need to understand the finances so I can avoid unnecessary tax, but I'm no expert.
- I'm not ready to hand over completely but know I need to wind down.
You're not alone. Thousands of family farms all over the country face the same issues. Research by Farmers Weekly in 2015 found that, although 64% of farming families appreciate they need to take action to secure their farms' future, less than 40% actually have an effective succession plan in place to support their business. The survey also suggested that 40,000 family farms are at risk even though their main priority was to keep the farm working for the family.
Taking the first step is always the hardest part. Every family is so different that there will never be a one size fits all solution but nonetheless the conversation has to start somewhere and we're here to help you open up the discussion.
We're here to help you find the answers, with down-to-earth, practical support.