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Succession planning is essential to protect your assets, your business, your family and more broadly the future viability of the farming industry.

Farmers Weekly webinar on succession and retirement:

A recent Farmers Weekly Business Clinic webinar discusses farm business succession. If any of the issues below are troubling you or your family, experts from Thrings, Carter Jonas, A-Plan Rural and Armstrong Watson explain how to deal with them for the best possible outcome:

Where to start and how to ensure a productive conversation
How and when to hand over successfully – handing over management and stepping back
The lump sum exit scheme process and succession
How alternative arrangements such as share farming can help where there is no obvious successor, or the likely successor is not able to take up management in the short term
Sudden succession – when the process is forced by circumstances such as illness or death
How a change of mind can lead to legal challenges
Pre-nup and post-nup agreements – their importance, their use, how they should be approached and drawn
Financial, housing and pension planning
Housekeeping – getting the detail right once the big decision has been made – wills, transfer of schemes, agreements, insurance, notification of banks and other authorities.

Succession planning guide

The Farmers Weekly has a range of articles and case studies advising on Succession Planning which can be viewed online here.
The NFU has created a business guide to early succession planning for members which can be accessed here.

Succession planning service

NFU Mutual succession planning service click here – If you would like to enquire more into succession planning you can directly enquire to NFU Mutual through this link.
#FarmtheFuture – Barclays succession plans, click here to find out more.