Who Will Own Your Farm in 10 Years?

Who will own your farm in 10 years? Farm succession planning

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. 

Questions You Need to Ask Yourself

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:

  • “Where do I want to be in 10 years?” 
  • “What do I want my life to look like in 10 years?” 
  • “When will I need a successor or successors?”


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. 

The Three-legged Stool in Farm Succession Planning

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:

  • Estate planning – the transfer of ownership of assets
  • Retirement planning – the transfer of business labour and management, (as well as things like off-farm investments and income to support retirement).
  • Succession planning – a long-term, in-depth business plan which details the timing of the transition. 

Farm Business Success

Planning for the future requires a proactive approach. Succession planning, when done right, can:

  1. Safeguard your legacy
  2. Preserve family harmony
  3. Drive your farm’s future growth.

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.

How we can help

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:

  • Succession planning 
  • Tax planning 
  • Off-farm investments and wealth  creation 
  • Debt management 
  • Cash Flow budgeting 
  • Retirement and estate planning
  • Superannuation
  • Key Person protection 
  • Business planning

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. 

Who will own your farm in 10 years?

Book a free 15-minute call with Matt to discuss your family's succession planning needs.
Who will own your farm in 10 years? Farm succession planning

Who Will Own Your Farm in 10 Years?

Who will own your farm in 10 years?

Designed to make you stop and think, this question instantly conjures 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?

Read More »
Farm Succession Planning

Farm Succession Planning: An Introduction

An Introduction to Farm Succession Planning | In this guide, we’ll introduce you to the essentials of farm succession planning, helping you chart a course that preserves your legacy, focuses on family harmony, and ensures a smooth transition of farm ownership and management from one generation to the next.

Read More »
Matt Meehan Armidale Accountant walking through a paddock of cows.

Farm Yarns with Jack Cresswell of the Farms Advice Podcast

We’re thrilled to share the transcript from a compelling podcast featuring our founder, Matt Meehan on the Farms Advice Podcast hosted by Jack Cresswell.
As an authoritative voice in agribusiness and financial planning, Matt lends his extensive expertise and personal anecdotes to this insightful conversation.

Read More »
A field of grain on sunset

How to Build an Emergency Fund For Your Farm

An important element of creating wealth and building financial security, is having an emergency fund available.

An emergency fund is a stash of money put aside to be used in times of emergency, such as illness, the loss of income, or unexpected expenses.

Read More »
A picture of a field of wheat at sunrise with a farmer in a red flannelette running his hand along the wheat.

How to Balance Farm Debt and Business Growth

How do you grow a multi-million-dollar operation you can pass down to future generations, without passing on the mountain of debt you borrowed to acquire it? While there is no one-size-fits-all solution, there are a few strategies available that can help.

Read More »

get the latest news & updates

sign up for Lifesolver Learnings