Farm and Business Succession Planning
Succession planning is one of the most important, and most emotionally complex, things a family can work through together. It's not just about transferring assets. It's about deciding who takes over, on what terms, and how to do it in a way that's fair, sustainable, and doesn't leave family relationships in pieces.
We work with farming families and business owners across the Central West and greater NSW to build succession plans that are grounded in reality: legally sound, commercially sensible, and genuinely workable for the families involved.
Our principal solicitor Jessica Spence grew up in a farming family in the Central West. That's not just background, it's the lens through which we understand what's at stake when a family starts planning for the next generation.
What we help with
Farm succession and transition planning
Planning for the transfer of a farming business to the next generation involves much more than a will. It requires a plan that deals with who takes over the farm, on what terms, how other family members are treated fairly, and what structures are needed to support a sustainable transition.
We help farming families work through these decisions with honesty and care, and then put the legal framework in place to make them stick.
Family Communication, Mediation and Facilitation
Strong communication is fundamental to succession planning: the ability to speak openly and honestly about values, needs and expectations informs better legal and financial outcomes and supports a smoother implementation of the succession plan.
Depending on the needs of your family, we may use family meetings, facilitated discussions or mediated processes to support your family to navigate difficult conversations.
Business succession planning
For business owners, succession planning means deciding what happens to the business when you step back — whether that's a sale, a handover to family, or a management buyout. We work through the options with you and put the right agreements in place.
Agreements and legal documents
Clear, legally effective documentation is the foundation of any succession plan. We prepare family agreements, succession deeds, shareholder agreements, buy-sell agreements, and corporate structure documents, to support your plan.
Structuring and tax advice
We work closely with your accountants to make sure your succession plan is structured in a way that minimises tax and takes advantage of available exemptions, such as Intergenerational Farm Transfers.
Frequently asked questions
What is farm succession planning?
Farm succession planning is the process of deciding, and legally documenting, what happens to a farming business and its assets when the current owners step back or pass away. A good succession plan deals with who takes over, on what terms, and how the rest of the family is treated fairly.
How early should we start succession planning?
As early as you can. Many of the best succession outcomes we've seen came from families who started the conversation five to ten years before they wanted to complete the transition. It takes time to get the plan right and to bring everyone on board.
What happens to the farm if there's no succession plan?
Without a plan, the farm passes under your will. Or, if there's no will, under the intestacy rules. Either way, the outcome may not reflect what the family actually wanted, and can create significant conflict between family members.
Can succession planning help avoid family conflict?
A good succession plan, developed with honest communication and the right professional support, can significantly reduce the risk of conflict. It gives everyone a clear understanding of what's happening and why. It won't eliminate all disagreement, but it gives the family a framework to work within and can help strengthen the relationship to work through difficult conversations.
Do I need a lawyer for farm succession planning?
The legal documentation: family agreements, succession deeds, updated wills, and any corporate structure changes - yes, you need a lawyer. But many families may choose to start the process with a facilitator, to help have the conversation and make sure the plan is realistic and fair, and everyone is onboard.