Succession planning amongst the rural sector is one of the biggest challenges and concerns facing farming families across our country. It is critical that a succession plan is in place to ensure there is consensus regarding a long-term plan for all family members involved, both on and off-farm. This plan not only outlines how the ownership structure passes, but also the associated funding arrangement for each family member to implement the changes. Every aspect of the planning needs careful consideration for the farming business itself, the individual family members and any future beneficiaries.

Not having a plan can risk the viability of the farming operation, and increase the risk of conflict within the family, which can then flow down through generations. A successful plan can overcome these issues, ensuring that the expectations, goals and objectives of all family members are considered, including:

  • What will happen to the farm when the primary farmer is gone?
  • What will happen in the event of an unplanned exit, such as death or accident?
  • Plan for a management and ownership transition that is agreeable to all family members
  • Ensure viability and profitability remains to support incoming family members, as well as providing a passive income to you
  • Estate equalisation solutions for any children not involved on the farm
  • Analyse current structures and any new required structures, while considering tax exemptions, concessions or CGT and duties discounts
  • Funding arrangements for the children or new farm successors
  • Estate planning that is in accordance with the succession plan.

Our rural succession service gives you peace of mind

Elston’s fully customised rural succession service assists families by providing an overall strategy solution for each of these areas. This is achieved within a framework that consults all family members, promotes open communication and provides neutral support and advice at every stage, so a plan can be completed.

Through this process, we are able to achieve a viable and harmonious plan, before any critical decisions are made regarding the farm. We collaborate with the family’s professionals to ensure the best outcome for the future of the farm and each family member.

Elston holds regular seminars in our regional areas to assist farming families with succession planning. Please call 1300 ELSTON or email info@elston.com.au, if you’d like to find out more.