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Farm Succession Plans provide guaranteed funds for you to retire comfortably on. The length, term and complexity of each plan is dependant on your ability to budget a funding process.
Farm succession has always been an issue for the agricultural industry as a whole. New Zealand farming is traditionally based around the family unit and is likely to remain that way. Under this structure there is a desire to ensure that the family farm is handed onto the next generation. There is also, inevitably, pressure on farm owners to find a way to make this happen
To ensure that the farm can stay in the family and seamlessly handed on, there needs to be sufficient cash available to support two families. No matter what the capital value of the whole operation is, there has to be enough money left over at the end of the day to allow the younger owners of the farm to support mom and pop as well as themselves.
Succession is not impossible but, to make sure that it works out in the longer term, professional advice should be sought from specialists such as Fraser Farm Finance.
Farm Succession Planning Do’s and Don’ts
www.farm-succession.com
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