Farm Succession & Transition Planning
We know what it is and why it’s important, but how to we get the help we need to start farm succession & transition planning?
Farm Table has compiled a list of high quality and practical resources to aid you through the process of farm succession planning.
Succession Planning is explained as “the development of a plan that will allow a smooth transition of the business and any assets with minimal disruption to the business or, importantly, family relationships” (Succession and the family farm – A plan for permanence, Deloitte – Agribusiness Bulletin).
Farm succession has been referred to as a three legged stool as there are three equally indispensable parts of the process:
- Estate planning – transfer of ownership of family/individual assets.
- Retirement planning – transition of labour and management
- Business transition/succession planning– transfer of management and/or control of the family farm business (or a part of) to another member(s) of the family.
Although farm succession & transition planning means talking about difficult subjects including retirement, legacy, injury, death and divorce, succession planning on your farm doesn’t have to be a difficult or conflict-ridden process. Sound planning and communication throughout the succession process can take time and effort but can result in a balancing of interests, sustainability and continuation of the business, and a smooth transition for incoming, outgoing generations, and farm business staff. We link you to succession planning resources to help you and your family get started with the process.
Inside this toolkit, there are resources, succession plan guides, templates, checklists, case studies, examples, webinars, podcasts, videos, and businesses to help you start the farm succession conversation and manage the transition process.
If the following questions are on your mind, you may be able to find some insightful answers within this farm succession planning toolkit:
- How to I begin the succession discussion?
- How can I approach succession planning?
- When should I start succession planning?
- What is the difference between succession and estate planning?
- What should I consider during the succession planning process?
- How do I prepare for succession planning?
- What is the difference between fair and equal treatment of children in succession planning?
- Who can help with succession planning?
- How have other families managed the succession process?
- Where can I watch a succession planning webinar?
- Where can I watch videos on farm succession planning?
- What are alternative succession planning models?
- What is the difference between family and non family succession?
- What if I don’t have a family farm?
- What do I do if I don’t have a farm successor?
Inside the farm succession & transition planning toolkit you can find:
- tips, guides and checklists
- ideas for how to start family meetings
- how to value on-farm children’s contributions
- succession tax and legal considerations
- case studies from other families
All of the resources within have been compiled with the aim of increasing the possibility of a successful transition farm process.