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What is succession planning?
The biggest long-term threat to any family farm or forestry is the lack of a robust succession plan.
It's about the long-term plan for your farming or forestry business – the facts, goals and the means to achieve the best outcome for all concerned.
Put simply, it is more than merely making a will!
Your succession plan will be unique to your business – there is no ‘one size fits all’ option. Every family is different, every business is different. What will never change is the need for every farming and forestry family to consider the future of the business and to plan ahead for different eventualities – the sooner the better!
Why you need it?
The key risks of not having such a plan include for example:
- falling out of family members
- adverse financial consequences /the impact of inheritance tax / capital gains tax
- stress and anxiety, often combined with worry and grief
- loss of home/livelihood for family members
- impact on the family farm if it is sold, carved up or divided
For further information and guidance on key issues you and your family may need to discuss and consider ahead of planning what should happen to your business if and when your circumstances change, please download our succession planning booklet or contact us to request a copy.