Published on 18 Oct 12
by TASMANIAN DIVISION, THE TAX INSTITUTE
Succession in a family farming business is a complex juggling of the needs and wants of the “retiring” generation, the new farmer(s) and their partners and often siblings of the new farmers who will not be farming in the future.
This paper includes a case study and the author’s experience of:
- a framework for a successful succession process
- the importance of defining succession versus estate planning
- why people matter most and the importance of developing family culture and philosophy early
- importance of timeframe
- balancing flexibility and fairness
- importance of agreements and education on the future implications of any agreed outcomes.
Current at 16 November 2012