Agribusiness & Farm Transition Planning
Succession and estate planning 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.
In addition to this there is generally a long multi-generational family history, family members at different ages and stages, a large asset with sometimes low and variable return, and a “spoonful of emotional baggage” just to increase the complexity.
Sometimes, during the course of negotiations it comes to light that children’s partners have ‘different ideas’ and perhaps ‘undue influence’ and perhaps even intentions that do not really appreciate that a farming property may have been in a family for over 100 years.
Not only are there complicated Contracts and Agreements to be drafted (Formal Agreements, Deeds of Family Arrangements, Partnership Agreements) but there are also complex negotiations within and between family members to ensure the successful transition of the family farm.
Careful planning is required to carefully consider potential conflicts in the future, mechanism for dealing with disputes, exit of family members from the arrangement, balancing outcomes for other family members not part of the transition and perhaps even agreements (Pre-Nup Agreements) with partners of family members to exclude the farm in any potential future family law dispute.
A successful farm succession transition requires careful and detailed planning.
We listen carefully to what you wish to achieve and tailor a solution for you.
Contact us on 07 3902 1177 or email@example.com to discuss further.