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.
AHDB – Planning succession on a family farm:
- AHDB have a podcast episode aimed directly on succession planning:
Book onto a farm business succession meeting:
- Siân Bushell Associates based in South West Wales offers farming business succession meetings across the UK, click here to find out more.