In the final episode of season one we consider the importance of succession planning with our experts sharing their experiences of working with farming families and what you can do to ensure you have a successful succession plan in place.
Farming businesses are unique in that the family usually live as well as work on the largest asset, which is illiquid and cannot always easily be split. Traditional succession practices, such as handing the farm down through generations can create expectation and conflict with modern expectations of inheriting equally between siblings. From a succession point of view, it is vital that plans are discussed, made and well documented.
Clive Beer of Savills joins our internal experts, Anna Parker and Edward Venmore, to discuss their experience of how farming families approach succession planning, how this differs in other European countries and to highlight cases where it has gone wrong or been done well.
The experts also share their advice for successful succession planning and how to avoid family conflict before concluding with their key tips and takeaways.
Contact: Clive Beer
Website: Rural property services at Savills