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As part of our Time to Plan project, throughout the month of February we will be focussing on the topic of ‘Succession and Retirement’.

We will be posting regularly from the FarmWell Twitter and Facebook pages.

NFU Mutual – Pension Planning

For younger farmers thinking about their future, click here.
For people considering building a pension, click here.
For people who are considering taking money from their pension – can be tempting when in hard times, but the long-term issues can be costly, click here.

Reflections and questions to stimulate your thinking around family succession issues.
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Jo Speed & Laura Teasdale from Kite Consulting LLP highlight the importance of communication and succession – How you should go about starting this delicate conversation.
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Philip Whitcomb, Partner at Moore Barlow LLP talks through a case study around succession and retirement, highlighting the key components to think about when succession planning.
Click here or the image to read the full article.
To find out more, visit www.moorebarlow.com

“Starting the process early will enable the management of the farm business and the assets to be handed over in a considered and structured way, although not necessarily at the same time.”
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Jonathan Hayes outlines the importance of succession planning: “The process aids proper understanding of the family’s assets and the wishes of family members. Appropriate documentation will help those objectives to be achieved tax-efficiently and will reduce the opportunity for dispute and bad feeling down the line.”
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Simon Bruce of south west business consultancy White Bruce, explores the three common bases that need to be sorted out in order to plan for a good retirement.
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Christine Malseed’s article explores the conversation of succession and how a farmer can approach the topic of succession with their family.
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‘Succession planning within UK agriculture has often been viewed as a difficult, thorny topic. All too often, it gets left at the bottom of the ‘to-do’ list – or just isn’t addressed at all. Oliver McEntyre, National Agriculture Strategy Director for Barclays Bank, considers the personal and business risks of not having a succession plan, and the steps you should take to put one in place.’
Click here to read Oliver’s article on succession planning – the seeds of future security.

As part of a project with the Nuffield Farming Scholarships Trust, FCN interviews Nuffield Scholar John Martin.
Find out more about this project here.

“We are both conscious that at some point, in order to enable a successor into the business, we would need to step back and allow someone else to have day to day control, as my Father did for me”.
The complexities and sensitivities around succession can provide real challenges, but as this insight illustrates, there are ways to ease the process. Matthew and Jenny Read share experience from their family farming business in the South of England, including seven tips for anyone embarking on the journey.
Click here or the image to read the full article.

The Addington Fund believe the new Agriculture Act outlines a possible delivery mechanism to financially support retiring farmers.
Click here or the image to read the full paper.

Louise Penn, Arable Agronomist for Hutchinsons in Northamptonshire talks to FCN about succession on her family farm and the importance of communication and talking about the future.
Click here or the image to read the full paper.

“Farming remains a largely inherited occupation and one in which the transfer of business control and ownership to the next generation is arguably one of the most critical stages in the development of the business.”
In this article, Rachael Brook, Partner at Shoosmiths LLP highlights the key points to consider when thinking about intergenerational succession and how to alleviate potential disagreements both during lifetime and on death.
Click here or the image to read the full article.

In this article Matt Lobley and Rebecca Wheeler discuss the challenges that can come with the process of succession and retirement.
“It shouldn’t be something to be feared or seen as getting in the way of doing ‘real’ farm work. It’s about as real as it gets. After all, it’s about planning for the continuity of the family farm.”
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“By passing on responsibilities it can help towards a change of role on the farm to be less hands on and more of a mentor.”
AHDB on succession planning include several webinars with farmers, accountants, advisors and facilitators, find out more here.
Click here or the image to read Sarah’s article.