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Agriculture Blog
Opinions and insights from our Agriculture team
DEFRA has published statistics on farmers’ attitudes towards succession planning. The information was collected via the Farm Business Survey for 2013/14.
The key findings were:
Roythornes Comment
It is good to see the issue of succession planning being raised as part of England’s Farm Business Survey. It is, after all, critical to the long-term sustainability of any farming business.
The Future of Farming Review, a joint government/industry group, recently looked at the challenges faced by the whole sector – on both the policy and practical front; its report is here. Julie Robinson, our head of agriculture, was part of the review team (see her top five successful succession planning pointers).
Succession planning is complex, and good planning needs a range of professionals to be involved. It is not just a question of tax planning. It is vital that the right people take over the business, and that other family members ‘buy in’ to the plan, otherwise disputes further down the line are likely.
Nominated successors need to be equipped with the right skills, and contingency plans need to be put in place in case anything happens to prevent them taking over.
Legal structures, property holdings and wills will all need to be reviewed to ensure as smooth a succession as possible.
If you think we can help with your own succession planning, we would be delighted to advise. Please do get in touch with us:-
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