The task of beginning to plan for succession of the farm business can seem very daunting. The seemingly insurmountable problems is one of the many reasons that people avoid starting a plan. However, facing the problems and recognising them as issues that need to be discussed is a very important step in beginning the process. Some of the common barriers are mentioned below.
Too many children for too few assets?
There are relatively fewer problems when there is only one child in the farming family who will maintain the family farm into the next generation. Even so, the transfer must be carefully planned and well timed.
Where there are more children the issues can be much harder to resolve. The dilemma of treating the children equally is often raised as a problem for parents when children have different ambitions and plans for their own lives.
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