Pathways in farm business ownership
Transition planning for farm businesses can be fraught with misunderstanding, misinformation and a lack of clarity around what the planning process could look like. There are currently a number of events that farmers and new entrants can attend to learn more about entering or transitioning the farm business. Many farmers however, come away from these saying ‘that was interesting but I still don’t know where to start’.
Farming families and new entrants are looking to industry to provide a steer on how to start the process and some tools and resources to help support them along the way.
RMPP have worked closely with farmers and an industry advisory group to develop a number of resources that support new entrants and families identify where to start and options to explore for their situation. Alongside good advice from a trusted expert, the resources can help farmers start a conversation and identify their next step.
The resources have been created by experts in their field such as lawyers who have pulled together examples of several types of agreements and consultants who have had vast experience working with entry into and transitioning of farm businesses.
Meet the Richards Family
A number of scenarios have been described in the following links including showing how the Richards family dealt with these. It includes some good tips at the end to get you thinking about your own situation.
Below are a number of fact sheets that you can read online or print off which has more information about the most common pathways to ownership options.