5 questions you should consider when farm succession planning
Farm succession planning is more than just deciding who takes over the business, it’s about ensuring the long-term success of your family, your land, and your legacy. Yet for many producers, the conversation gets delayed until it’s urgent, which can lead to conflict, uncertainty, and missed opportunities.
Here are five key questions to guide your thinking and start the right conversations early.
1. What does “success” look like for your farm’s future?
Every family’s vision is different. Is your goal to keep the farm in the family for generations, to grow into new markets, or to diversify operations? Clearly defining success helps shape decisions about structure, leadership, and investment.
2. Who will take over, and are they ready?
Identifying a successor isn’t just about naming a person. Consider their skills, interest, and experience. Do they need further training or mentoring? A planned handover period can build their confidence while giving you peace of mind.
3. How will assets and responsibilities be divided?
Land, livestock, equipment, and water rights often represent decades of work and significant value. Decide early how these will be shared or transferred to avoid misunderstandings. Clear agreements can help maintain harmony between farming and non-farming family members.
4. How will the transition be funded?
Succession often involves buyouts, loans, or new business structures. Explore tax implications, financing options, and ways to minimise financial strain for both generations. Professional advice from accountants and solicitors can save headaches later.
5. Are you communicating openly?
A good plan is built on trust and transparency. Regular family meetings, even if the conversations are uncomfortable, can help ensure everyone understands the plan and feels heard.
The takeaway: Farm succession planning isn’t a one-off conversation, it’s an ongoing process that can span years. By asking the right questions early, you give yourself and your family the best chance to preserve both relationships and the farm’s productivity for generations to come. Download our Farm succession planning checklist to get started.
