Most, if not all, farmers dream of handing their business over to their children. But because farms are such valuable assets, it is not as simple as handing over the keys one day or just making a will. It needs to be discussed and an action plan put in place to ensure everyone in the family is clear about what is happening.
The difficulty can be working out when the best time for doing this is.
The answer to that, in all cases, is sooner rather than later. If children have unrealistic expectations or the process is left until health issues leave you too incapacitated to take part in the discussion, the results can be far from your original dream of a fair and equitable handover to the next generation.
In worst-case scenarios families can be torn apart by arguments and disagreements between parents, children and even stepchildren and business partners who have different ideas about the future of the farm business.
The seminar will be held at the Cambridge Cosmopolitan Club, 88-92 Burns Street, Leamington in Cambridge at 4-6pm.
Speakers will include Matt Hanna of Lewis Law, Barristers & Solicitors; Dave Kilbride, Cambridge Farm Consultant; Roy Johnson of David Stewart & Associates; Tony Hammington of Rabobank; and Geoff Buchan of Craigs Investment Partners.
Topics: What is succession planning? How to develop a successful succession plan. Why is good governance a necessary component of a succession plan? Why is the process more important than the structure and outcome? Why are the financial numbers and tax structure secondary in the process? Aligning the needs of owner and successor. How to work through an advisory process to achieve a shared family vision. Why your will is not your succession plan?
• James Houghton is Federated Farmers Waikato provincial president
