Farming doesn’t have a great track record when it comes to succession planning.
Finding a good time to broach the subject isn’t often easy and once a conversation begins, it can quickly hit the buffers if those involved take up entrenched positions and fail to listen to each other.
Parents often face a dilemma in wanting to be fair to all their children, but fair doesn’t not necessarily mean equal, warn advisers.
Handing on the assets and handing on the business may need to be considered separately and for succession to be successful, those retiring have to allow those taking on the business to do so unrestricted once the handover is complete.
So does your family have a succession plan?
Complete our survey on handing over the farming business to the next generation and you could win £1,000.
We’re keen to hear from all members of farming families, both young and old. Tell your farming friends about it too.