5 questions to ask your family now about the future handover of your farm
When it comes to farming family succession planning, Carrick Aland is ready to ask the right questions:
- Where will your farm be in 10 years?
- Who will be running it?
- Do you have a clear path to transition it to the next generation?
- What if one of the key stakeholders passes away – what’s the plan?
- Can the plan be realistically achieved with everyone happy with the process?
Starting early helps a succession plan to be achieved – as much as five years beforehand can make a world of difference to the anticipated transition.
Where do you start?
When it comes to succession planning, the important thing to recognise is that each case is unique with different timeframes, personal objectives and structures to take account of.
Most people don’t deal with succession planning every day so it makes sense to speak to people who do and can help to create an appropriate plan for you.
Succession planning resources
- CARRICK ALAND BROCHURE Succession – Your Forward Plan
- QRIDA FUNDING ASSISTANCE Qld Farm Management Grant (closing date 30 June 2019)
- CASE STUDY Succession insights and lessons from retired farming couple
Seek advice – we’re here to assist
With over 60 years’ experience in dealing with family farming businesses, Carrick Aland understands the issues at play – financial, legal and management, and interpersonal – that need to be considered. Our expertise in covering taxation, business structure and financial issues comes to the fore to assist in building tailor-made solutions for families.
We’re ready, willing and able to assist you in developing your succession plan, and we’ll work together with your legal and other advisers where appropriate.
Get the advice you need so you are confident you have your plans in place. For more information call Carrick Aland on 07 4669 9800.
Copyright 2018. Carrick Aland Dalby, Toowoomba, Chinchilla QLD 07 4669 9800