Successful Succession Farming Note

Successful succession is all about people - you and the people you want to take on your business. It is a lot less about tax. Sure, you want to ensure the business is passed on in a tax efficient way but it will only work if your successors are as motivated to devote themselves to its success as you have been. A well thought out succession plan takes time to evolve and ensures that your business continues to thrive when you eventually step aside.

This Farming Note covers:

• The importance of a plan
• Fair divisions
• Tax considerations
• Creating an action plan
• Advice for successors

Issued January 2014.

About Kingshay Farming Notes

Since 1991 Kingshay has been publishing Farming Notes on issues critical to the success of a modern dairy farm business. These briefings provide dairy farmers, large animal vets, farm consultants and other interested parties with the most important and timely information in a concise two-page format. The information contained in our Farming Notes is written and updated by our experts to ensure accuracy and save you time.

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