Farm succession planning
Our farm consultants recently supported a student's project on farm succession planning.
Farm succession is a process of passing on traditions, skills, ownership and control of the farm business to the next generation.
Steadily rising land prices, low and volatile farm profits, the need to provide for the retiring generation, and desire to treat all family members fairly while retaining a viable progressive business make the successful transfer of farm assets and management to the next generation more difficult than ever before.
Ashley Hart, who is a Bachelor of Applied Management student at Otago Polytechnic has put together an information sheet for farmers on "getting the basics right".
"Succession is a complex and emotional subject for farming families," she says.
"Navigating all the barriers takes time, patience, planning and communication."
The information sheet provides some key recommendations to help improve the chances of farm businesses developing a plan that everyone can accept.