Farm Succession Planning

Succession Planning

Secure the future of your farm

According to research carried out but Farmers Weekly, 60% of family farms lack a written succession plan. Despite the risk this poses to the future of family farming businesses, more than half do not have a succession plan at all.

It’s important to have a conversation – even if it’s difficult.  The key is to get started.  The longer you put off the conversation, the more risk to your farm and your family.

REAL Success | People Management Solutions | Farm Succession Planning

10 tips for successful succession planning

  1. Start planning early. Succession planning takes time so it best to begin the process to manage people’s expectations for the future.
  2. Be adaptable. Succession planning as an ongoing process. Adapt your plans as circumstances change
  3. Generational hand-down. You don’t have to hand the business to those next in line – skipping a generation can sometimes reinvigorate a business.
  4. Value assets properly – including emotional assets. Make sure all family members feel valued, especially those who have “put their whole life” into the farm.
  5. Is ownership important? Responsibility for running a business is different to ownership. You can hand one on without the other.
  6. Equal isn’t necessarily fair. Handing on a business in equal parts might not be fair where one person has contributed to its success and another hasn’t. See point (4) above.
  7. Retirement. Consider the consequences of retiring – physically, mentally and financially. Take advice for future needs and make provision for them.
  8. Use your farm advisers – get your accountant, management adviser and solicitor together so they are all going in the same direction.
  9. Involve everyone. Get siblings talking, including those who don’t work on the farm. They might want to return home. Involve spouses too.
  10. Use a facilitator. Find an independent person to chair family meetings which shold be business-focused and formal, with an agenda and a target outcome. Take minutes.

What is Farm Succession Planning?

Succession planning is the process of identifying and developing potential future leaders and senior managers, as well as individuals, to fill business-critical roles. The aim is to be able to fill key roles effectively if a current post holder leaves the organisation.

In the long term, succession planning strengthens the overall capability of the organisation by:

  • Identifying critical positions and highlighting potential vacancies;
  • Selecting key competencies and skills necessary for business continuity;
  • Focusing development of individuals to meet future business needs.
  • A succession plan identifies future staffing needs and the people with the skills and potential to perform in these future roles.

Successful clients say

We’ve been working with Real Success since 2013. What began as some training workshops to help our leadership team is now a regular coaching and consulting service across broad areas of our business. We’ve introduced leadership and management skills and we have seen vast improvements in our recruitment policy, staff retention and associated costs. We’ve hugely improve our communication and cross functional abilities too. Real Success were integral to our farm being awarded the Farmers Weekly Dairy Farm of the Year in 2016 and I’m delighted that Real Success remain part of our team of consultants and with the impact their work has made to our bottom line.

Geoff SayersFarm Owner, The Carswell Group

We’ve been working with Real Success since 2013. What began as some training workshops to help our leadership team is now a regular coaching and consulting service across broad areas of our business. We’ve introduced leadership and management skills and we have seen vast improvements in our recruitment policy, staff retention and associated costs. We’ve hugely improve our communication and cross functional abilities too. Real Success were integral to our farm being awarded the Farmers Weekly Dairy Farm of the Year in 2016 and I’m delighted that Real Success remain part of our team of consultants and with the impact their work has made to our bottom line.

Geoff SayersFarm Owner, The Carswell Group

We’ve been working with Real Success since 2013. What began as some training workshops to help our leadership team is now a regular coaching and consulting service across broad areas of our business. We’ve introduced leadership and management skills and we have seen vast improvements in our recruitment policy, staff retention and associated costs. We’ve hugely improve our communication and cross functional abilities too. Real Success were integral to our farm being awarded the Farmers Weekly Dairy Farm of the Year in 2016 and I’m delighted that Real Success remain part of our team of consultants and with the impact their work has made to our bottom line.

Geoff SayersFarm Owner, The Carswell Group

We’ve been working with Real Success since 2013. What began as some training workshops to help our leadership team is now a regular coaching and consulting service across broad areas of our business. We’ve introduced leadership and management skills and we have seen vast improvements in our recruitment policy, staff retention and associated costs. We’ve hugely improve our communication and cross functional abilities too. Real Success were integral to our farm being awarded the Farmers Weekly Dairy Farm of the Year in 2016 and I’m delighted that Real Success remain part of our team of consultants and with the impact their work has made to our bottom line.

Geoff SayersFarm Owner, The Carswell Group

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