Seven principles of a succession plan
- to work out what the exiting generation wants to do – where they’ll live and what they will do in retirement – if succession is an option;
- to identify the needs and aspirations of each family member in each generation;
- to build, maintain and, if necessary, repair relationships between family members;
- to manage expectations amongst family members;
- to look at transferring management and control of the farm over time;
- to sort out how to transfer ownership of the farm; and
- what deal there should be for the incoming generation and what provision to make for the non-farming children.
Return to Beyond the Bale Issue 29 index page.