Production Horticulture Farm Succession Planning Toolbox

Bundaberg Fruit and Vegetable Growers - Greg Weir

Type: PDF
Knowledge level: Introductory

Farm Table says:

Good introductory overview to planning process. Covers barriers to starting a succession plan including "too many children too few assets?", treating family members fairly and equitably, steps to developing a plan and a guide to inheritance.

Developed by Bundaberg Fruit and Vegetable Growers contains the following:

Farm Succession Planning

  • Why is succession planning so important?
  • Benefits of a plan
  • What is succession planning?
  • The barriers to starting a succession plan
  • Too many children for too few assets?
  • Putting it off?
  • Treating family members fairly and equitably

Steps to developing a succession plan

  • Do’s and Don’ts of Succession Planning
  • Step 1: What are family members’ goals and aspirations?
  • Step 2: Family conferences
  • Step 3: Seek professional advice
  • Step 4: Implement the plan
  • Step 5: Ongoing revision and discussion

Inheritance – Passing on the farm

  • Equity and fairness
  • How might the family assist those not involved physically and/or financially in the
    family farm?
  • Planning for retirement from farming
  • Maintaining an income only interest in the farm
  • Pension and related benefits
  • Superannuation
  • Wills and power of attorney as part of the succession planning
2010 - Australia - Bundaberg Fruit and Vegetable Growers - Greg Weir
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