Know How / Succession planning

The smooth transition of a farm business from one generation to the next is a challenging – but incredibly important – process. See how the experts think you should start the succession planning conversation and read about the property, legal and tax implications you will need to consider.

Case studies

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PARTNERSHIPS

Video: Share farming partnership gives young farmer a break

Young farmer Aled Morgan faced a tough future in farming - with a family farm not big enough for both him and his brother to work on, there were few…

SUCCESSION PLANNING

Will Sargent: Disaster shouldn't spark farm succession talk

Usually, when I write articles for Farmers Weekly I show them to my dad before sending them off. I always wanted to make sure the boss was happy with what…

SUCCESSION PLANNING

How a young farmworker helped solve a succession crisis

The owner of an upland sheep and cattle farm in South Wales has sorted out her succession plan by bringing her farmworker into the business as a junior partner and…

LAND MARKETS

Video: Farming family sells estate after 70 years

Succession planning is commonly defined as the process of passing a farm from one generation to the next. Done properly the outcome should provide clarity over the future of the…

Practical advice

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SUCCESSION PLANNING

How discretionary trusts can help farm succession plans

Succession discussions can be difficult for any family, but particularly so for farmers with high-value assets often intertwined with a long-term lifestyle choice. Obstacles include people finding it difficult to…

SUCCESSION PLANNING

Making a will: Advice for farmers on how to go about it

Farmers who have not created a will are being reminded that failing to plan adequately can cause lasting damage to their families and their estate. In the event that a…

SUCCESSION PLANNING

Careful will writing needed to account for rare double deaths

The death of a couple at the same time, for example in an accident, is thankfully very rare but can lead to complicated arguments over inheritance. From a legal perspective,…

SUCCESSION PLANNING

Land and property: Why inheritance promises can end in court

The courts have recently handed down two decisions in farming inheritance cases involving claims for proprietary estoppel. Laura Phillips, a solicitor at Kingsley Napley, explains how such cases can arise…

SUCCESSION PLANNING

6 tips on aiding succession on your farm

Succession can be a difficult process and involves many practical business considerations. Rob Hitch of Dodd and Co Accountants offers the following six tips to help your succession plan go…

PARTNERSHIPS

Joint ventures compared and how they can solve succession

Joint ventures are becoming increasingly popular solutions for landowners seeking a successor and young farmers searching for access to land. For farmers without anyone to take on the holding, there…

Insights

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SUCCESSION PLANNING

How a second house can be added to farm in a succession plan

Adding a second house to a farm as part of succession procedures can be made easier in Wales by a little-known planning exemption. The Welsh government introduced Technical Advice Notice…

PARTNERSHIPS

The scheme helping new entrants start joint ventures

In late September this year, the Scottish Government launched an initiative to bring together existing landowners and new entrants who are struggling to find a way into farming. The Scottish…

SUCCESSION PLANNING

Why acting early is key for a smooth farm succession

Succession doesn't just happen, so don't put it off - this was clear advice for farming families at Farmers Weekly's recent farm succession planning conference. Ensuring the smooth transition of…

BUSINESS

Experts give their tips on farm succession

Despite the importance of succession planning, some 60% of family farms don’t have a written plan, according to Farmers Weekly research. Yet 58% of farm owners readily accept that the…

SUCCESSION PLANNING

How to arrest the decline in small family farms

The small family farm, built on the labour of one or two people and typically covering less than 100ha, has traditionally formed the backbone of UK agriculture. These farms still…

Succession planning: Not easy, but essential

My father and I have finally tackled the thorny matter of succession. I can’t see why most farmers make such a fuss about it – it barely took us a…