Do you need Succession Planning?
Succession is a process and not an event; it takes time and effort to develop a comprehensive plan that meets the needs of all family members, now and for the future.
If you recognise any of these common concerns you may need a Succession Plan:
- “My family is becoming increasingly concerned and struggles with the conflicts between equality, fairness and harmony”
- “Our sons and daughters are impatient and want more control”
- “My parents are reluctant to hand over the reins”
- “We are unsure about the long term financial and taxation issues”
- “Family conflict is preventing me from making a will”
If you recognise any of these situations I may be able to help.
Why use a facilitator?
Succession and estate planning in a family farming business is complex; there are no ‘quick fixes’. Juggling the needs and wants of different generations is challenging, often family members have different expectations and aspirations of their involvement in the business.
It can be especially hard to talk about subjects like death, debt and divorce. This is where a facilitator can be a cost effective way of bringing people together, starting the conversation and helping you and you’re your family reach your goals.
Don’t leave it too late
The difference between starting the succession planning process and doing nothing is stark.
Succession can be a planned, organised and gradual process, where the owner guides, prepares and supports the next generation in stepping up into their future role and developing the business.
Or it can take place abruptly and un-expectantly. Failure to plan can result in:
- A farm business with no successors, with the business closing when the farmer retires or dies.
- Legal disputes, leaving a farm business in conflict, for example, too many interested successors or a family member challenging a Will risking the break up or sale of the farm.
- Losing agricultural property tax relief
Leaving your farm’s future to chance means you or your family risk losing your legacy. It does not look like a difficult choice. Unfortunately, because succession conversations are not easy, “Do Nothing” is the strategy most farming families adopt.
Every family is unique with differing issues and often unable to agree a solution without independent help. This is normal!
I can facilitate your family and your business through the process.