A Michelmores Guide to Farming Succession
The agriculture sector is entering a period of unprecedented change, with the industry gearing up to tackle issues including biodiversity loss, climate change and food security. Now more than ever, owners of farm businesses need to consider the future direction of their business, including the critical issue of succession.
Succession is a process, usually undertaken over a number of years and it requires careful planning, preparation and execution, involving all the relevant people at the right time. To encourage farming families to prepare for this process we have written the Michelmores Guide to Farming Succession.
- highlights the issues at stake
- offers practical suggestions on starting succession conversations
- explains how to assess the existing business structure and ownership of assets
- considers relevant taxation issues
- focuses on what a good succession plan should address.