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The biggest long-term threat to any family farm is the lack of a robust succession plan.
It's about the long-term plan for your farming 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 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 with 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
- Poor communication within the family business leading to inefficiencies and weak forward planning