The talking today which eases fear of fall-outs tomorrow

Not always, but often, and particularly where there is a family business involved.

In such cases it is not unusual for the bulk of the family wealth to be generated by the family business, say widget production, and often families are able to draw down profit from the business to invest elsewhere. The offspring that want to make widgets do so, those that don’t are allocated other assets. BINGO! Both succession and inheritance issues sorted. Easy.

Then there is the farming family business which is unique in many ways.

In a family farming business any "surplus" money is often reinvested in the business, either by purchasing additional land, updating machinery or developing the farmstead. There is rarely any "spare" to buy other assets or investments. So, what to do about succession and inheritance?

One of the overriding problems in helping sort out the future for a farming business is the family’s inherent fear of falling out.

Even where there is an identified and agreed successor to the farming business, there is often a lack of clarity about the role of any other, non-farming siblings. Will they inherit part of the farm and effectively be landlords to their sibling?

Will they inherit other assets or will these be required by the parents to keep them in their, hopefully, old age? Or will their lack of interest in the family business mean that they don’t inherit anything?

These are difficult subjects which lead to difficult conversations and families, understandably, tend to avoid them at all costs.

Succession planning sounds complicated and expensive. It really isn’t. Often I find that just having a conversation with clients helps to clear their mind, marshal their thoughts and clarify their objectives enabling them to move forward with a plan without my help.

Equally a few carefully structured hours with a family can help non-farming siblings to air their feelings, vocalise their fears and feel as though they have been allowed input into the future of the farm without any ongoing responsibility or commitment.

When I trained with the Royal Institution of Chartered Surveyors as a Facilitative Mediator I gained great insight to dealing with emotional disputes. The most important issue is to keep an open mind, explore the facts and remain impartial. It stands me in great stead with farmers!

Louise Taylor MA, MSc, Dip HRD is managing director of Taylor Millbrook Ltd and Partner in Barbers Rural Consultancy LLP.