Keeping it in the family
Probably the biggest single challenge for the traditional family farm today is planning succession for the next generation to the business.
A seminar, entitled Keeping It In the Family, addressing the complex issues of succession is to be held on Wednesday, March 21, at Hadnall.
Balfours farm business development adviser Trevor Sheard, joint organiser of the seminar, said: "The average age of UK farmers is 58; many of them really will not want to be farming in five years time and that's a fact."
However, he said it is fiction that the younger generation are not interested in taking on the farm business.
"The changes and bureaucracy introduced over the past few years has been extremely testing for the older generation and they are seeking a way out.
"On the other side of the coin I also meet young men and women to whom these new ways are the norm. They are ready and willing to take on the challenges of environmental farming without subsidies."
The seminar will look at family farm objectives, ranging from Mum and Dad retiring with a capital sum out of the farm, or taking a less active role in the business to bringing youngsters into the partnership.
These will be assessed alongside income requirements for both generations, plans to develop the business and who lives where.
Starting at 9.30am, the seminar will hear Trevor Sheard address business appraisals and restructuring, while Balfours' Denzil Onslow will consider inheritance tax planning/contract farming arrangements, Dixon Sutcliffe will look at pension planning and AMC will look at finance.
The event is organised by CLA Enterprise Works, in conjunction with Balfours and Shropshire Rural Hub. For more information call Enterprise Works on 01785 284 722 or email hilary.mcfadyen@cla.org.uk
