Who will own your farm in 10 years?
This question is designed to make you stop and think – instantly conjuring images of the future and the possibilities that lie ahead.
But what if we told you the only way to get as close as possible to your desired outcome is to get proactive about your succession plan? To openly talk about the future with the people who matter and begin the planning process early?
In our most recent blog on succession planning called Succession Planning: An Introduction, we dived into why succession planning is important, the process behind it and the benefits of having one in place, as well as a concept called fair versus equal.
In this article, we’ll focus on what it really means to prepare for the future, as well as how our program Farm Business Success helps farmers just like you.
Succession planning is an important part of any farm business plan, but it’s especially important when it comes to planning for the future and the continuity of your farm business.
Determining what your farm will look like 10 years from now involves a lot of forward-thinking. You might ask yourself questions like:
Big questions like these can’t be answered on the spot. Often, you’ll need to give yourself time to contemplate, have conversations, and then plan.
This is why you’ll often hear us say how important it is to take a step back from your farm so that you can work on the farm business, or as Matt likes to put it, stop working IN your farm so you can work ON your farm.
David J. Goeller wrote in his paper Farm Transition… A three-legged stool, that a good succession plan looks a lot like a three-legged stool. It involves:
Planning for the future requires a proactive approach. Succession planning, when done right, can:
But putting plans like this together can be difficult without the help of experts, and that’s where our Farm Business Success program comes in.
Designed to help you achieve family and business harmony through clarity, profitability, and financial security, the Farm Business Success Program focuses on the long-term goals and strategy that will impact your farm for generations to come.
We work side-by-side with you, listening to your needs and wants and using them as a guide to secure the best outcome for your farm and your family.
Led by Matt Meehan, Farm Business Success offers personalised financial solutions and expert advice to navigate every aspect of:
From legal requirements to strategic planning and implementation, we’re here to support you. With the right plan in place, you can confidently answer the question: who will own your farm in 10 years? Secure your farm’s future today by visiting our Farm Business Success page or booking a call with Matt.
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Discover why equal doesn’t always mean fair in farm succession planning. Learn how farming families can support all their children while protecting the farm’s future.
Succession in farming isn’t just about passing on assets — it’s about protecting family harmony, securing the farm’s future, and honouring your legacy. In this blog, we explore what harmonious succession really means, the challenges farming families face today, and the steps you can take to create a fair and lasting transition.
Debt is one of the biggest costs in many farming businesses but it’s often overlooked. Our Farm Finance Guide was created to help farming families take control of their debt, structure it better, and stop leaving money on the table. Read more here.
Succession planning sounds simple… until your family can’t agree. When emotions, expectations, and unspoken history get in the way, even the best intentions can lead to tension or silence. This blog explores why family succession discussions are so hard and how to move forward without conflict.
