It is important to have a plan in place to help safeguard your family’s future and the future of your farm. To begin, you should have a transparent and honest discussion with your whole family.
SFB will then help you develop a succession plan that will protect your finances, assets, property and family. Then, when the time is right, it will be a smooth transition of ownership, ensuring the continuing legacy of your farm.
What should you discuss during this process?
- The long term direction of your farming business
- Each family members current and future roles
- The skills development and experience the next generation requires
- The businesses assets and their ownership
- The future of the family members that may not continue in the business
- Individual levels of income
- Where each family member will live
- Inheritance Tax Planning