Succession Alliance aims to help farmers in business

An initiative to support farm succession planning across the UK has been launched by the Succession Alliance.

The group aims to help farming families navigate the process of succession against the challenging backdrop created by proposed changes to inheritance tax (IHT) rules and increasing pressure on the agricultural sector.

It comprises a network of experts who deliver hands-on guidance and solutions and empower those who can help with succession planning.

See also: Succession: A quarter of farmers have not discussed retirement plans

While IHT has raised the issue in many people’s minds, chairman Mike Mack says now is the time to start thinking about what families want to achieve.

“Succession mustn’t be confused with inheritance – it incorporates all those parts of the business – the assets, the family. It’s way bigger than the question of tax,” he told the Farmers Weekly podcast.

Andy Guy, who is also a custodian at the Succession Alliance and has helped many families navigate the complexities of succession planning, says: “It’s the challenge of holding these conversations with the rest of the generations in your family.

“Particularly now, after the Budget, what was previously an awkward conversation has become an urgent one.”

Farming families, he says, find these sorts of conversations difficult, and while they can be painful, they need to be had.  

“Somebody has to start the conversation. And some families need a bit of help from outside, an independent facilitation to help the conversation go smoothly, making sure everyone gets a fair share of the conversation.”

Mr Mack adds: “Succession is a process. It’s not a point in time when you pass the farm to someone else.”

The overall process, he explains, can take 10-15 years, but for it to work, the older generation must step aside.

“To make it a succession process, the older generation has to leave. It’s a constant cycle of change.”

The Succession Alliance is now looking to run collective training courses, to improve the understanding of succession planning.

It is also looking for additional partners to come on board to help build the network of experts.

Further information can be found on the Succession Alliance website.