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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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…

SUCCESSION PLANNING

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…

SUCCESSION PLANNING

Succession prompts switch from mixed farming to dairy

At a time when milk price volatility has forced many out of business, it might seem strange to move into the sector. But for the Courtier family it has provided the perfect…

Practical advice

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SUCCESSION PLANNING

How mediation can help resolve farm planning disputes

When planning for the future ends with multiple parties at loggerheads, no one is a winner­­­­ and the farm business can suffer as a result. That’s why some families are…

SUCCESSION PLANNING

Leaving the farm to children: Farm succession advice

“Fair” and “equal” are not necessarily the same thing when it comes to farming succession and passing on assets. US attorney and adviser John Baker works for the Iowa State…

TAX

Business Clinic: Are changes coming for inheritance tax?

Whether you have a legal, tax, insurance, management or land issue, Farmers Weekly’s Business Clinic experts can help. Here, Nicholas Smith of accountant Duncan & Toplis advises on the potential…

SUCCESSION PLANNING

Business Clinic: Do wills override partnership agreements?

Whether you have a legal, tax, insurance, management or land issue, Farmers Weekly’s Business Clinic experts can help. Here, Thrings partner Mike Westbrook advises on how the provisions of a…

SUCCESSION PLANNING

How can a will be challenged?

Disputes in relation to wills and estates are becoming increasingly common, especially within rural and farming communities in relation to family farms previously passed down through generations. There is often…

TENANCIES AND RENTS

Business Clinic: Should I delay succession for tenancy reform?

Whether you have a legal, tax, insurance, management or land issue, Farmers Weekly’s Business Clinic experts can help. Here, Duncan Sigournay, partner at Thrings, advises on tenancy succession. Q. I have…

Insights

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SUCCESSION PLANNING

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

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…