Start planning for the future of your farm business – attend a Farming Connect succession surgery

Succession planning for farmers and foresters can be an unwelcome and often difficult task, but it’s an issue that shouldn’t be put off if you want to safeguard the future of the business and avoid conflict within the family.  

The transition needs to be planned well in advance, so that your family members know what to expect should you retire or be forced off the farm due to injury, ill health or other circumstances. Unlike many other businesses, the farm business is usually passed on to a relative, which can lead to problems if you have more than one child and do not have an appropriate succession plan in place.

The individual who inherits the business may be the only one who has any economic advantage from the family inheritance and this often creates tensions with other family members. There are, however, alternative ways to share the farm among your relatives, which could help you avoid carving up the property into non-viable elements. To help farming families learn more about the issues involved, Farming Connect has arranged succession surgeries where eligible families can have a fully funded hour-long consultation with a specialist agricultural solicitor. 

Eirwen Williams, director of rural programmes at Menter a Busnes, which delivers Farming Connect, and is funded by the European Agricultural Development Fund and Welsh Government said,

“Ideally, succession planning should not only involve making plans about what happens after someone retires or dies, but should also take into account how the business will be run and managed to safeguard its future and the livelihoods of those taking over.

“Farmers need to think about not only about who will inherit the farm and the farmhouse but how the farming enterprise will continue and who will have that responsibility.  Planning ahead can also minimise tax liabilities and financial issues for the next generation.

“An open discussion on how an estate is to be dealt with can help avoid farming family fallouts and partnership and business disputes. Not having a will in place could mean that those who are left behind not only have to cope with grief but also deal with intestacy rules and uncertainties about the future.”

Farmers and foresters attending a Farming Connect succession surgery will be provided with a synopsis of what was discussed with the solicitor and the issues they need to consider. For further assistance with business planning, farmers can access 80% funding through the Advisory Service.

Upcoming Succession Surgeries

All succession surgery appointments must be booked in advance.  Phone Carys Thomas at Menter a Busnes on  01970 631 402 or email: carys.thomas@menterabusnes.co.uk. Further information can also be found here.