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Know How / Succession planning

The smooth transition of a farm business from one generation to the next is a challenging – but incredibly important – process. See how the experts think you should start the succession planning conversation and read about the property, legal and tax implications you will need to consider.

Case studies

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SUCCESSION PLANNING

Young farmer shares succession planning story and top tips

A fourth-generation young farmer has spoken out about how his family worked through their succession planning difficulties to encourage others to get prepared. Devon Young Farmers' Club county chairman Matt…

PARTNERSHIPS

Video: Share farming partnership gives young farmer a break

Young farmer Aled Morgan faced a tough future in farming - with a family farm not big enough for both him and his brother to work on, there were few…

SUCCESSION PLANNING

Will Sargent: Disaster shouldn't spark farm succession talk

Usually, when I write articles for Farmers Weekly I show them to my dad before sending them off. I always wanted to make sure the boss was happy with what…

SUCCESSION PLANNING

How a young farmworker helped solve a succession crisis

The owner of an upland sheep and cattle farm in South Wales has sorted out her succession plan by bringing her farmworker into the business as a junior partner and…

LAND MARKETS

Video: Farming family sells estate after 70 years

Succession planning is commonly defined as the process of passing a farm from one generation to the next. Done properly the outcome should provide clarity over the future of the…

Practical advice

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BUSINESS

Budget highlights need for inheritance document housekeeping

Regardless of the final outcome of the Budget, there are housekeeping steps that should be taken by farming businesses to ensure things are in place so that when succession, gifting…

SUCCESSION PLANNING

Farm succession: Expert advice to ensure a smooth path

With farming being more than a business for most families, it can be difficult to put emotion to one side when planning for succession. However, thinking strategically can achieve an…

BUSINESS

Business Clinic: Succession prompts decisions on farmland

Whether it’s a legal, tax, insurance, management or land issue, Farmers Weekly’s Business Clinic experts can help. Here Edward Beale, associate partner with Carter Jonas, advises on a question of…

BUSINESS MANAGEMENT

Funding later-life care: Challenges and advice

Farming families may have done some estate planning for what happens when a family member dies, but the financial impact of a need for long-term care in old age can…

BUSINESS MANAGEMENT

How a business LPA can provide farming continuity

A lasting power of attorney (LPA) allows a trusted person (or a group of people) to make certain decisions on your behalf if you are unable to. There are two…

BUSINESS MANAGEMENT

What are the key traits of top-performing arable farms?

High input costs, volatile markets, challenging weather and reduced direct support payments are all affecting the bottom line for farmers, making it imperative that businesses focus on improving performance and…

Insights

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SUCCESSION PLANNING

How can women be treated more fairly in farm succession?

Succession is always a tricky subject, but for women specifically, it can pose additional problems. According to Farmers Weekly’s landmark survey on women in agriculture, succession is the area of…

BEEF

Why radical change is needed for sustainable beef industry

Planning ahead to face upcoming issues and working to improve efficiency and build beef businesses with resilience were among the key conclusions from a round table discussion held at Rothamsted…

SUCCESSION PLANNING

Court awards farm to son in inheritance promise dispute

Michael Spencer won his claim against the estate of his late father, John Spencer, on the basis that he had been promised he would inherit the family’s Lincolnshire farm. The…

SUCCESSION PLANNING

Analysis: Supreme Court rules on disinherited son’s claim

A Supreme Court appeal over a promised farm inheritance has settled how a farmer’s son is to be compensated after he was cut out of his parents’ wills. We look…

SUCCESSION PLANNING

Why poor succession planning can impact mental health

Numerous aspects of farming can negatively impact upon mental health, but the one many might not have drawn a line to is the eternal pressures surrounding succession. Though succession is…

SUCCESSION PLANNING

How a second house can be added to farm in a succession plan

Adding a second house to a farm as part of succession procedures can be made easier in Wales by a little-known planning exemption. The Welsh government introduced Technical Advice Notice…

PARTNERSHIPS

The scheme helping new entrants start joint ventures

In late September this year, the Scottish Government launched an initiative to bring together existing landowners and new entrants who are struggling to find a way into farming. The Scottish…

SUCCESSION PLANNING

Why acting early is key for a smooth farm succession

Succession doesn't just happen, so don't put it off - this was clear advice for farming families at Farmers Weekly's recent farm succession planning conference. Ensuring the smooth transition of…

BUSINESS

Experts give their tips on farm succession

Despite the importance of succession planning, some 60% of family farms don’t have a written plan, according to Farmers Weekly research. Yet 58% of farm owners readily accept that the…

SUCCESSION PLANNING

How to arrest the decline in small family farms

The small family farm, built on the labour of one or two people and typically covering less than 100ha, has traditionally formed the backbone of UK agriculture. These farms still…

Succession planning: Not easy, but essential

My father and I have finally tackled the thorny matter of succession. I can’t see why most farmers make such a fuss about it – it barely took us a…