There are comprehensive legal requirements for Self Managed Super Funds (SMSF) and that’s why you need the help of an expert.
Free farm succession hand book
Succession planning is often a complex issue for farming families.
This free guide from Robertson Hyetts provides information for farming families who are just starting the conversation on the topic of succession planning, or already in the process of implementing changes.
Just fill in your details below to be sent your obligation free book.
Succession Planning FAQs
Usually it is a stepped approach so you need to start early. This could involve:
- Giving some management responsibility to a certain family member,
- Next, making that person a genuine partner,
- Then, let them take ownership of the business separately from the land, and
- Finally, identify how they can buy the land.
Your succession plan should not be prepared and put on the shelf. The process of succession planning is ongoing and needs to evolve as your circumstances change. It should be reviewed and updated regularly.
It is important to consult a professional when creating your succession plan. Your accountant can help identify financial risks and opportunities and your lawyer will make sure that you haven’t left anything out.
Contact our team
Our succession planning experts in Bendigo and Castlemaine are ready to help you.
If there’s something you have questions about, it’s likely our team already have the answers and insights you need.
We’re ready to help.