Plan to manage family changes and your farm business

The earlier we start succession planning, the more options we will have in responding to the needs of family members and their changing involvement in the farm business.

Key Points

• A succession plan can help farming families and farm businesses to successfully manage anticipated and unforeseen changes in both their family and the business.
• It provides a clear path towards retirement for senior members of farm businesses, with an orderly transfer of business assets, business management and responsibilities.
• Clarifying the aspirations and expectations of family members is an important part of the planning process and can help build understanding and balance to family and work life. 
• It is essential to involve legal and accounting professionals in the process when considering changes to the farm business structure.