There is always something else which you might consider as being more pressing to deal with; the cows need milking, there is an inspection tomorrow or Home Field needs drilling. But in reality putting off succession conversations with the family and your professional advisors can spell disaster for your farming business. The rise in farming proprietary estoppel cases over the last fifteen years has largely been driven from a lack of communication between the generations and not taking the appropriate advice from your lawyer, accountant and land agent.
It can seem a daunting task but it does not need to be.
- Start small and don’t try to solve every problem in one go. Frequent and regular conversations are far more effective;
- Keep your professional advisors in the loop. We have seen it all before and can offer insights from our experience; and
- Listen to what everyone has to say. You do not have to agree but if everyone feels that they have been heard and respected that can go a long way to finding an appropriate solution.
Done properly it can be a rewarding experience and above all remember that succession planning is a process of evolution not revolution.