Succession: How to step back successfully
About this special report
Farm succession isn’t an easy topic to discuss in the rural sector, as for farmers it means confronting their own mortality. Many people delay its process because of this, and it is seen as too complicated and difficult. It involves open and honest discussions to establish a fair and equitable way of dealing with inheritance and the future of a substantial business asset while retaining relationships with family members.
Poor communication is one of the biggest challenges in the succession process.
They maybe the model for over half of New Zealand’s farmland, but trusts are not the right vehicle for the succession journey, an expert says.
If you are going to make a major farm business decision that impacts your contract milker, you really need to bring them along for that ride, says a farm consultant.