Pathways in farm business ownership
With an ageing population of Red Meat Farmers, succession is increasingly becoming an issue both for those wanting to enter the sector and those transitioning, possibly exiting. Over the next 10 years over 50% of sheep and beef farms will be changing hands. Those wanting to move away from day to day management of the farm are looking for business ownership options which will provide a reliable income whilst protecting their assets. On the other hand, younger farmers are struggling to get their foot in the door of farm ownership with limited equity or opportunities.
The Status Quo
Although various options and models exist, the industry lacks established steps and supporting resources to make this a straightforward process for current and future farmers. There are a number of organisations that are able to offer advice and there are plenty of options however these are not well understood and people can find it challenging to get clear direction on where to start and how to go about it.
To provide resources that will support farmers and their trusted advisors explore the range of options available and make informed decisions about either entering or transitioning off a farm. These are being produced in second half of 2016 and draft resources will be being piloted in the first half of 2017. Watch this space!
Resources Under Development (available from September 2017)
1) Case studies
2) Template agreements
3) Fact sheets