Farming talk: Succession planning should be priority for farmers
The Benjamin Franklin quote that “the only two certainties in life are death and taxes” may have been written in 1789 but it’s as relevant as ever for farming families and partnerships.
If you’ve grown a sustainable agricultural business that you want to be carried on by or for future generations, succession planning should be at the top of your to-do list.
It is never too early to start having those conversations and it’s far better to plan with a clear mind than be forced into making decisions when a situation arises, whether that’s driven by a dispute or a tax issue, and emotions may be running high.
These discussions may be sensitive for everyone involved, but if you’ve spent your life working to develop your business, it will be a worthwhile exercise.
As lawyers, we will look at your business, how it is run, discuss your wishes and work with everyone to come up with a plan that will benefit all parties and provide the most tax effective solution.
As that wise man Benjamin Franklin also said: “Don't put off until tomorrow what you can do today.”
Sarah Baugh is partner and head of the agricultural and rural services team at FBC Manby Bowdler
