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If you’re looking for expert advice on family succession and managing farmland assets, look no further than Farmers Weekly’s Business Clinic. In this edition, Edward Beale from Carter Jonas provides insights on transitioning to the next generation and making decisions about the farmland currently in use.

Succession planning is crucial for the future of farming businesses, allowing the younger generation to take the reins while maintaining their passion for the industry. It’s important to have open discussions with key advisers – solicitors, accountants, and land agents – to create a strategic plan. Setting targets for a five- or 10-year transition period can help facilitate a smooth handover of responsibilities and assets.

When considering whether to sell the land, explore all options to maximize its value. Specialist teams can provide appraisals and offer insights into potential structures or markets you may not have considered. If the younger generation is more interested in diversification than farming, options like letting the land, contract farming agreements, share farming, or bringing in external management can be explored.

Overall, early planning and transparent communication are key to successful family succession and maximizing the value of farmland assets. If you have a question for our panel of experts, email us at FW-Businessclinic@markallengroup.com with the subject line “Business Clinic” and provide detailed information for the best advice.

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