What will happen after farming?
It’s understandable that many families find conversations about succession difficult, but things can be more difficult in time if you haven’t sat down together to discuss the future. Uncertainty can create stress for both you and the next generation, making it harder to plan for long-term stability. Without a clear plan in place, important decisions may be left until a time of crisis, limiting options and increasing the risk of conflict. Succession isn’t just about passing on the farm—it’s about protecting your family’s interests, securing financial stability, and ensuring the hard work you’ve put in continues to benefit future generations. If you start planning early and give succession the time it deserves, all kinds of obstacles can be overcome, allowing you to take control of the future with confidence.
Marty Murphy, Head of Tax
Why succession planning matters
Our research shows that the majority of farmers don’t have a formal succession plan in place. If this sounds familiar, don’t worry—you’re not alone. However, starting the conversation sooner rather than later can make all the difference. By addressing succession early, you can avoid potential conflicts, protect your farm’s financial future, and ensure a smoother transition for the next generation.
A well-structured plan gives you the opportunity to explore different options, from family succession to alternative business structures, ensuring the best possible outcome for everyone involved. It also allows time to navigate complex tax and legal considerations, reducing the risk of unexpected financial burdens. Most importantly, early planning ensures that your wishes are clearly communicated, providing certainty and peace of mind for both you and your family.
Key benefits of early succession planning
Family harmony
Proactive conversations reduce the risk of disputes and misunderstandings.
Tax efficiency
Early planning can help you avoid unnecessary tax bills and protect your assets.
Business continuity
A clear succession plan ensures that your farm continues to thrive, even after you step back.
Download our Succession Guide
Simplifying the succession process to help you and your family to kick-start your succession journey.
Lifelong relationships, generational support
At ifac, we pride ourselves on building lifelong relationships with our clients—sometimes over multiple generations. We’re not just here to help you plan; we’re here to guide you through the entire process, from initial discussions to the final handover. Our experience with thousands of farming families means we know what works, and we’ll do everything in our power to help you achieve the best possible outcome for your farm and family.
Take the first step today
Making a succession plan doesn’t mean you’re ready to stop farming; it means you’re ready to secure the future. Starting the conversation early allows you to explore your options and create a plan that works for everyone involved. So, why not gather the family around the table and start the discussion today? With ifac by your side, you’ll have the support you need to make confident, informed decisions.
