Family farms a focus of debate
THE emotional and practical challenges of handing a family farm down to the younger generation will be discussed by national experts in an upcoming online event hosted by the Devon Federation of Young Farmers Clubs (YFC).
The webinar will focus on the need for effective succession planning within family farming businesses; discussing the barriers to having important conversations; and how to put the right plans in place.
Set to take place on Monday, January 25, the virtual debate is being supported by leading rural insurer, NFU Mutual.
Matt Lobley, Professor of Rural Resource Management at the University of Exeter, will be drawing on his findings of 30 years of research with farming families across the UK. He said: “Retirement and farm succession is often more complex than it sounds and, for most, it’s a very emotional process. Farmers invest their entire working lives in their land and livestock and the idea of handing it over, even to a younger family member, is daunting.”
Professor Lobley’s recent research, commissioned by NFU Mutual to investigate the unique approach farmers take to retirement, showed that just 19% of farmers plan on fully retiring, and, those that do, retire at a later age than the wider population.
He added: “There is much greater awareness of succession as an issue facing UK agriculture than there was ten to 15 years ago, but there is still a very pronounced need to move beyond the awareness stage to actually encourage planning. That struck me as something the industry desperately needs to address.”
Sean McCann, chartered financial planner at NFU Mutual, said: “Regardless of when the farm is to be passed on, the aim should be to do it without paying more tax than you need to. Having a plan not only allows for a smoother transition, it can also play a big part in securing the future of the family farm.”
Matt Darke, county chairman of Devon YFC, will be sharing his own personal experiences as part of the discussion. He explained: “As a fourth-generation farmer, I know too well the importance of talking about succession and the future of the farm business.”
The online seminar is part of Devon YFC and NFU Mutual’s commitment to provide an online programme for Devon’s young farmers during the coronavirus lockdown. The event will be chaired by Rosie Bennett, vice-chairman of Devon YFC, who said: “Covid-19 has changed the ways that we all work and now, more than ever, succession planning for family businesses needs be considered.”
Visit https://zoom.us/webinar/register/ WN_Rby8YKx7T6qLEEvliiFV5w