Succession Planning

What is farm succession planning?

Business succession planning is the process of combining the wants, aspirations and expectations of a range of stakeholders whose family business is in transition. Transition typically entailing the structured, and often progressive transfer of management, control and/or ownership of a family owned and operated business, with appropriate consideration and accommodation for other extended family members who may not be actively involved.

A key outcome for all is security

Understandably, for the older generation relinquishing control and ownership of a family business can be a confronting proposition. Being secure in the knowledge the business will remain in the family, will remain viable and financially secure and will continue to be effectively managed, hopefully for subsequent generations to inherit, is paramount. As are their personal and lifestyle requirements, including preservation of family relationships, security of residence, a secured income stream in retirement and adequate provision, including inheritance, for all children.

Thinking of the next generation

For the next generation, security of control, autonomy to manage the business, known and finite financial obligations to parents and/or other family members and protecting critical business assets from personal estates are all typical priorities.

Our Process

As advisors to our clients, we play a very important role in navigating this process. To listen, to engage, to lead and ultimately to help implement arrangements that are suitable to their unique circumstances and requirements.

Speak to us today

For any further information or assistance please contact us.