Current Practices in Australian Farm Succession Planning: Surveying the Issues^

Abstract

ABSTRACT The majority of Australian farms are ‘family farms’, that is, those that are owned and operated by members of a nuclear or extended family. An important key to the continuation of family farming is the smooth succession by subsequent generations. Increasingly, financial planners are becoming involved in succession issues including those involving farming families. We examine the current status of succession planning in Australian farming through a survey of farming family members. While the majority of survey respondents considered that maintaining family harmony was their first priority, a significant proportion have no succession plan. Importantly for financial advisors, employing professionals with appropriate skills in estate planning is rarely done.

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