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A farm is not just a business asset, it is also the family home, your lifestyle, your family history and your identity. So when it comes to transition to retirement there are personal and family issues to consider as well as the financial business considerations.

Families who start to discuss and plan the process are often able to manage the transition better than those who leave it until the last minute. Each family is different and each family requires their own transition plan.

Some of the things that need to be considered are:-

  • Is the property home for your children and their families?
  • Does it provide an income stream for them?
  • Do you need to provide for non-farming children?
  • Will leaving the property to all family members equally create potential for dispute?
  • What has each family member contributed to the business and success of the property?
  • How much do you need to retire?
  • Where will you live?
  • How will transfer of management, control and ownership of the farm occur?
  • When are management responsibilities going to take place?
  • What are the financial and taxation implications?
  • What is the best business structure?
  • Are assets at risk in the event of family breakdown?

A well thought out and detailed plan is the best way to avoid the common issues of succession. Seeking professional advice long before you need to helps ensure a smooth transition.

Kennas have been involved in the rural industry for over 100 years. In that time we have serviced many rural clients and been involved with many changeovers. We can bring our experience to bear when helping you plan for the transition of your property from one generation to another.

Contact Kennas Today!