NFU Mutual has outlined some key questions to help kick-start that conversation around succession.
1 – What is the longer term direction of the farming business?
2 – What role will each family member play both now and in the future?
3 – What development, skills or experience do the younger generation need to acquire?
4 – How are the assets going to be owned in the short, medium and long-term?
5 – What provision will be made for those who are not involved in the business?
6 – What level of income does each family member want or need from the business?
7 – Where will each family member live?
Source: NFU Mutual