By Matthew Moloney
Ensuring your farm's future.
Farm Succession can be a daunting topic for farming families, but does not have to be so. It is probably one of the most important decisions facing farming families today and, without proper planning, can have significant impacts on both the future of your farm and the relationships of the family members.
There is a fine balance between the competing objectives of: future farm viability; meeting the needs of off-farm family members; and providing for the retirement of the older generation. One thing that experience has taught many families is failing to plan for succession can have disastrous consequences. Do not expect that it will all work itself out in the long run. It won’t.
With the present drought, many families are either very busy operationally or they are deferring making decisions until conditions improve. The drought is currently providing a brief window of opportunity for some families to be able to transfer land and other assets that has not been available to them in the better performing years.
Having a clear, well-reasoned and documented plan is an essential step in protecting the future of your farming business and your family.