When it comes to succession planning, farming families face one of the most complex challenges of all: how to hand over the farm in a way that protects relationships, preserves the business, and respects everyone’s contribution.
In one of our recent webinars, Matt from Lifesolver unpacked what harmonious succession really means – and why finding a fair, transparent path forward matters more than ever.
Here’s a quick wrap-up of what was covered, plus the key takeaways for farming families navigating succession.
We prefer the word transition over succession. Why? Because what’s really happening isn’t just a handover of ownership, it’s a multi-layered shift involving:
These transitions happen over time, not all at once. And they can be structured to meet the needs of both generations when done properly.
From more than 30 years of working with farming families, and over 20 recent one-on-one calls from our current succession campaign, Matt highlighted five recurring challenges:
Most families don’t have a clear plan. There’s confusion around who will take over, when, and how. Without timelines or agreements, this uncertainty creates frustration and delays.
Succession is emotional. It often comes with unresolved conflict, misaligned expectations, and unspoken family “roles” like the hero, the martyr or the outsider. Lack of transparency can hold families back from having the conversations that matter most.
Succession can’t happen “on thin air.” Many farms are under financial stress, dealing with poor seasons, debt, rising costs and limited retirement funding. That pressure can lead to inaction, resentment, or rushed decisions made in crisis.
Most farms don’t have clear documentation like agreements, trusts or updated estate plans in place. This makes succession risky, confusing, and far more difficult than it needs to be.
Too often, families try to tackle these issues alone or they jump straight to legal advice without alignment, but real progress starts with getting on the same page. Then, the right professionals can help bring the strategy to life
Succession is a living, evolving process. It’s not a “set and forget” document, or something you do once the kids have moved on. The earlier you start, the more options you have, and the more peace of mind you create for everyone involved.
It’s not easy, but it’s possible. And we’re here to help.
If you’d like to explore what harmonious succession could look like for your family, you can:
The goal? A transition plan that honours your legacy, strengthens your relationships, and secures the future of the farm, for generations to come.
As a farmer, you already know that the unexpected is part of the job. You’ve weathered tough seasons, market shifts, and countless challenges to keep your farm going. But when you think about the future, especially as we head into 2025, are you confident you’re on the right track with your finances?
It’s no secret that farming can be tough. Rising interest rates, skyrocketing property prices, and mounting farm debt are just a few of the challenges that make farm management feel overwhelming. Add in cash flow struggles, succession complexities, and tax planning, and it’s easy to see why many farmers feel like they’re performing a juggling act.
Christmas is a time for family – coming together, sharing meals, and telling stories. Unfortunately, it can also be a time of tension, especially when difficult topics like the future of the family farm arise
When it comes to creating a secure financial future, the right adviser can make all the difference – that’s where Matt Meehan comes in. Committed to guiding you toward a secure financial future, Matt offers extensive knowledge and expertise, providing personalised financial strategies designed to meet the unique needs of farming families, individuals and business owners.
