Marty Murphy, Head of Tax
Planning the future of your farm
Whether or not you already have a farm succession plan in place, there are a lot of things to consider when it comes time to thinking about what happens next.
At ifac, we pride ourselves on building lifelong relationships with our clients, sometimes over multiple generations. We’ll do everything in our power to help you maximise the value of your farm – now and into the future. By listening carefully to what your ambitions and goals are, we can help you make informed decisions that give you the best chance of success.
While a farm is a valuable asset that traditionally passes from generation to generation, our research shows that the vast majority of farmers don’t have a formal succession plan. If this sounds familiar, don’t worry, you’re not alone. Any conversation about who will own the family farm has the potential to be difficult, but it’s a conversation that needs to happen. We’ve helped thousands of farming families through this process over the past 45 years, and we can help you too. We can do this at any stage, but sooner is always better. The earlier you start talking about succession planning, the better the outcome for yourself, your family and your farm.
It’s never too early to start talking about succession with the people who matter
The best time to plan is now
Making a farm succession plan doesn't mean you're getting ready to give up farming. It's simply about having a proactive conversation with those who’ll be affected. By starting early, you can avoid the major pitfalls, from family conflict to unnecessary tax bills. The real secret to farm succession is getting started, so maybe it’s time to consider getting around the table?
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