As the adage goes, succession starts at birth. But when it comes to agricultural succession, there are many steps along the way, and a multitude of options relevant to each unique business.

Natalie Hughes, Rural Financial Counselling Service North Queensland and Connie Navarro, Connie Navarro Legal discussed the considerations, complexities, available assistance, and real stories of transitioning viable farms to the next generation at Beef Australia 2024.

Succession Planning key points

• Know your Business Structure – Individual, Partnership, Company, Trust, Joint Ventures, Co-operatives
• Understand your Assets and Liabilities
• What is the Legacy? Who wants to be involved and is this realistic?  
• Who will be involved in the discussions and when?
• Considerations for transactions during lifetime versus upon death – family relationships, asset protection, CGT, Stamp Duty
• Understand the legal documents – what they are for and when they apply
• There is no one size fits all. Examples of how others have addressed succession may help.
• Don’t put it off…
• Seek assistance and advice