family succession and planning for the future? just wondering how many of you find this a positive experience and have any tips and advice for others?

Spud

Member
Arable Farmer
Location
YO62
not read this thread but i need help want my sons to have it all , mrs is safe i think but i am sure they would take care of her anyway. idont know who to ask for advice, land agent , idont trust poor advice on other matters. i think he works for himself only! solicitor is very good but im not sure. accountant might be the first call but this covid bu££ers everything , i like to talk face to face .
Having experienced a presentation by the op, I highly recommend Heather Wildman at www.saviourassociates.co.uk

She's very down to earth and to the point, no flowering things up or jargon speak!

I'm happy to pass on my experience too, if that helps. Pm welcome.
 

Spud

Member
Arable Farmer
Location
YO62
not read this thread but i need help want my sons to have it all , mrs is safe i think but i am sure they would take care of her anyway. idont know who to ask for advice, land agent , idont trust poor advice on other matters. i think he works for himself only! solicitor is very good but im not sure. accountant might be the first call but this covid bu££ers everything , i like to talk face to face .
Having experienced a presentation by the op, I highly recommend Heather Wildman at www.saviourassociates.co.uk

She's very down to earth and to the point, no flowering things up or jargon speak!

I'm happy to pass on my experience too, if that helps. Pm welcome.
 

thorpe

Member
Having experienced a presentation by the op, I highly recommend Heather Wildman at www.saviourassociates.co.uk

She's very down to earth and to the point, no flowering things up or jargon speak!

I'm happy to pass on my experience too, if that helps. Pm welcome.
thanks for that , things are so complicatid i own very little outright , multiple ownership,buisness partnership, proposed development, im worth a fortune on paper . my minds abuzz, i really fear for the sons future , they will be ok its just the leaches who could take it off them , the farms been in the family for well over 100 years , i dont want to be the last to have control!
 

dinderleat

Member
Location
Wells
thanks for that , things are so complicatid i own very little outright , multiple ownership,buisness partnership, proposed development, im worth a fortune on paper . my minds abuzz, i really fear for the sons future , they will be ok its just the leaches who could take it off them , the farms been in the family for well over 100 years , i dont want to be the last to have control!
With some good advice there’s no reason why you couldn’t sort things out.
 

flowerpot

Member
not read this thread but i need help want my sons to have it all , mrs is safe i think but i am sure they would take care of her anyway. idont know who to ask for advice, land agent , idont trust poor advice on other matters. i think he works for himself only! solicitor is very good but im not sure. accountant might be the first call but this covid bu££ers everything , i like to talk face to face .
We asked our accountant which solicitor they thought was good for agricultural matters, which happened to the one we use anyway, and they have a specialist section. Don't leave your wife without anything, just relying on the good nature of the children! I'm pretty much sure you can't do that, you have to make provision, or it could mean a challenge and very bad feelings. (Locally a farmer married as his second wife the lady who had been his housekeeper, he died and he had left her some money, he probably thought it was "sufficient" but she didn't think so having been Mrs X living in a nice farmhouse, so it ended by the son having to sell the farmhouse and some land to pay her out after a court case, so expensive and bad feelings all round.)
 

nev12345

Member
Lucky here to get on very well with all my parents and extended family and we have a business diversity and structure remarkably similar to Spuds. The only difference is that I set up my own company instead of joining the partnership which has worked extremely well so far.

I came back to the family business a few years ago after nearly a decade working in management for others. Both Dad and I wanted to sort the structure out early doors and went to see our accountant who knows the business well and isn't scared to say it how he sees it.

Because wanted to set up a couple of brand new enterprise, keeping these in a separate business away from the rest of the family was justifiable. It means that I take all the responsibility but also all the risk. I appreciate that this is not so easy to do for existing business enterprises.

The main downside from my point of view was that borrowing money was difficult for a few years as a new business, and it does cost another £1500 a year in accounting.

If that is the route you're looking at, it may also be worth considering splitting the business of land tenure from the business of actually farming.

In my experience it's far cleaner to pay family a fair rent for land, buildings or machinery than have them as a sleeping partner in the business.
 

mjdboor

Member
I like the idea of sorting everything out and hopefully will do a good job for my kids. We already talk about it even though they're still young.
Historically my family have been horrendous, head in sand from all side, with tantrums and foot stamping when 'we' don't get what 'we' want. Most of it is infantile nonsense which can be sorted out but there's nothing worse than dealing with awkward family and things MUST be fair.
 

Spud

Member
Arable Farmer
Location
YO62
I like the idea of sorting everything out and hopefully will do a good job for my kids. We already talk about it even though they're still young.
Historically my family have been horrendous, head in sand from all side, with tantrums and foot stamping when 'we' don't get what 'we' want. Most of it is infantile nonsense which can be sorted out but there's nothing worse than dealing with awkward family and things MUST be fair.
Absolutely, well done. What must also be acknowledged is that fair isn't always equal - lets say you have two children, one works on the farm for years for very little, while the other persues an alternative career. A fair split wouldn't be an equal split.
 

mjdboor

Member
Absolutely, well done. What must also be acknowledged is that fair isn't always equal - lets say you have two children, one works on the farm for years for very little, while the other persues an alternative career. A fair split wouldn't be an equal split.
You see this all the time, one party 'at home' working away keeping the business in existence, possibly paying off historic debts, and generally striving to survive and thrive in the farming world, whilst another party goes off, gets a job and yet is handed half the assets, as it's 'only fair, you're siblings'.

I wonder in how many cases the one who goes off and gets another job chucks any of their assets back to the farm to help it survive etc? If you bring that up you're looked at like an idiot!

There's a lot of very sheltered people in the farming world....many of them unbelievably stubborn and 'self certified clever' within the walls of their own yard, where the real world has never existed.


Good luck to all.
 

Hooby Farmer

Member
Location
roe valley
Lost dad a week before Christmas myself @farmerm. My condolences, it's a very difficult period in time to lose someone made more difficult with whats going on all around.

5 years ago he was diagnosed with Alzheimers. We acted quickly and had everything sorted within the month of his diagnosis. Our major concern was that we didn't have to sell what we have to fund the care homes if and when he would require 24hr nursing care. Thankfully he passed in his sleep at home still with a good quality of life, still knew most people and if he didn't he would get you a generation back. We have some Inheritance Tax to pay which will be a struggle but will probably have to liquidate an asset. I think its 7 years it has to be signed over for, to get clear of that and under a certain threshold. I would recommend anyone thinking about succession planning to get their skates on.
 
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farmerm

Member
Location
Shropshire
Lost dad a week before Christmas myself @farmerm. My condolences, it's a very difficult period in time to lose someone made more difficult with whats going on all around.

5 years ago he was diagnosed with Alzheimers. We acted quickly and had everything sorted within the month of his diagnosis. Our major concern was that we didn't have to sell what we have to fund the care homes if and when he would require 24hr nursing care. Thankfully he passed in his sleep at home still with a good quality of life, still knew most people and if he didn't he would get you a generation back. We have some Inheritance Tax to pay which will be a struggle but will probably have to liquidate an asset. I think its 7 years it has to be signed over for, to get clear of that and under a certain threshold. I would recommend anyone thinking about succession planning to get their skates on.
I return the wishes of condolences to you too. I did expect Dads mind to go well before his body, to go in the way he did was much better in many ways but it still comes as a massive shock. Mum on the other hands has a body that is failing her quicker than her mind. Hopefully her condition has stabalised, she can still manage most things in the home but she can not leave the house without someone to support her. We really need to get past the additional barriers to support that Covid has put in place. Take care chap.
 

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