Farm Succession Planning | Rabobank NZ
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Succession Planning

Helping your farm stay strong for generations

Deciding what happens to the farm when you retire can be tough. We have a long history of working with rural families and our rural managers can help guide your family through the complex issues so you can reach a shared vision for your farm, together.

It helps to start your planning early. Having honest conversations about goals and priorities helps to manage family expectations and keep everyone on the same page. Just talk to your rural manager to get started.

Family Succession

Rabobank’s Top 10 Farm Succession Tips

  1. Start the conversation with all family members early; then you have more options and family relationships have a greater chance of being maintained.
  2. Make sure all stakeholders hear the same conversation at the same time in the same place so that the flow of information is equal.
  3. It is important that the goals and expectations of each individual are fully explored, and discussed, and any areas of misalignment are investigated.
  4. Make sure that all family members are aware of the financial reality and there is honesty from everyone about financial needs.
  5. Be aware that the process can be lengthy and complex. It requires energy and perseverance from everyone involved, and financial resources.
  6. You will need advisers to help formulate plans. Shop around and make sure they are listening and are aware of all stakeholder goals.
  7. Succession planning involves change – everyone copes with change differently, so the journey will possibly stop and start over time and at varying times family members may feel frustrated and / or fearful.
  8. Discussions about family property, in particular the family home, and money are likely to involve a level of emotion – allowing for this and creating the best environment for these discussions is important to maintaining objectivity.
  9. Family members may need to develop their confidence to participate in more formal discussions. It can be useful to use the skills of independent advisers to help facilitate formal discussions so everyone is confident participating.
  10. Don’t make assumptions – ask questions and express what you really want to build a better family understanding.