Primary production Estate planning Succession

Succession planning in primary production

Source: TAS

Published Date: 18 Oct 2012

 

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Succession in a family farming business is a complex juggling of the needs and wants of the “retiring” generation, the new farmer(s) and their partners and often siblings of the new farmers who will not be farming in the future.

This paper includes a case study and the author’s experience of:

  • a framework for a successful succession process
  • the importance of defining succession versus estate planning
  • why people matter most and the importance of developing family culture and philosophy early
  • importance of timeframe
  • balancing flexibility and fairness
  • importance of agreements and education on the future implications of any agreed outcomes.

Individual Session

Succession planning in primary production

Author(s): Andrew Beattie

Details

  • Published By: Andrew Beattie
  • Published On:18 Oct 2012
  • Took place at:Cradle Mountain Chateau, Cradle Mountain

The material is copyright. Apart any fair dealing for the purpose of private study,

research critisism or review, as permitted under the copyright Act, no part may be rerpoduced by any process without written permission from The Tax Institute.

Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.

This material is copyright. Apart from any fair dealing for the purpose of private study., research, critisism or review, as permitted under teh copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.

Unless expressly stated, opininons are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.

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Primary production Estate planning Succession 2012

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