Do you have a succession plan for the next generation of your agricultural business?

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

To discuss the development of a succession plan for your agricultural business, please contact SFB on 03333 444 171 or email agriculture@sfb.group.