13 December 2018
The biggest threat to family farms in Wales is neither cashflow nor Brexit – it’s lack of a robust succession plan! That’s one of the key messages in Farming Connect’s recently published handbook and toolkit on succession planning and it’s a message which will also be top of the agenda in a series of succession open meetings held at locations throughout Wales in the new year.
In a bid to encourage families throughout Wales to ‘start the conversation’ on succession planning, Farming Connect is adopting a ‘belt and braces’ approach to ensure that landowners take advantage of the wide range of fully-funded support services available to help them plan ahead and safeguard the future of family businesses.
“Farming Connect can provide families with the guidance they need to ensure that they know what steps they need to take to start planning for the future long before the time when such a conversation becomes essential,” said Einir Davies, development and mentoring manager with Menter a Busnes, which delivers Farming Connect on behalf of the Welsh Government.
“Every family will want to avoid the stress and anxiety of family fall-outs and the adverse financial consequences which can lead to the loss of both home and livelihood for many individuals.
Ms Davies emphasised that every succession plan will be unique to each particular business, there is no ‘one size fits all’ option, because every family is different and every business is different.
“What will never change is the need for every farming family to consider the future and to plan well ahead for different eventualities in order to reduce the risk of the farm having to be sold, carved up or divided,” said Ms. Davies.
From January onwards, Farming Connect has arranged a series of afternoon or evening open meetings at locations throughout Wales, when renowned succession planning expert Sian Bushell from Pembrokeshire will be the keynote speaker.
Ms. Bushell will explain the rationale behind succession planning, so that attendees know what independent support and guidance is available to them to ensure that they are well prepared for the future discussions they will need with their own business, legal and financial advisers.
Farming Connect’s hugely successful mentoring programme now includes a team of ‘agri-succession’ farmers or specialists like Ms Bushell who can provide one-to-one support and guidance, in many cases based on their own personal experience of succession planning.
Through the mentoring programme, Ms.Bushell takes a different approach and offers a ‘round table’ group session, providing a fully-funded facilitation service at a neutral off-farm location for those crucial family meetings when each participating individual will be encouraged to voice their opinions on key issues without fear of interruption or criticism.
Also part of the ‘start the conversation’ process, eligible farmers may want to sign up for a Farming Connect succession surgery, when they can book a fully-funded confidential one-to-one consultation with an experienced agricultural solicitor. Business and technical advice, funded through the Advisory Service, may also be an essential tool as you consider the future of your business.
For more detailed information on the complete range of Farming Connect’s succession services and for times, dates and locations of forthcoming open meetings or surgeries, visit the Farming Connect website. Advance booking is essential for all events. Call Helen Lewis on 01970 631425 or email: Helen.lewis@menterabusnes.co.uk. You can also either download or request a copy of Farming Connect’s succession planning handbook and toolkit.
Farming Connect is funded by the Welsh Government and the European Agricultural Fund for Rural Development.