'We want to be financially secure when we retire'

The importance of financial planning

Bryony and Robert are determined to be financially independent when they retire and Jake will lose a significant part of the farm’s workforce.

“In farming in particular, people think ‘our farm will be our pension’,” says Bryony. “But two years ago, our solicitor’s did a talk about succession planning and it really made us think about the fact.

Jake would need to able to pay other people and himself – not us as well.

“We’re trying to throw as much as possible into our pensions,” says Bryony. “We’ve got a very good accountant and an adviser came recently to talk about pensions, including Jake’s.”

For their three non-farming daughters, the couple have set-up pensions and insurance policies, which will pay out on their death, and they’re considering giving them a piece of land which they can let to Jake.

Be open and honest

Having all of this out in the open, is really important, says Bryony.

“We’ve tried to be as open about it as possible, discussing it with them all as we go along. We’re very upfront about plans so they don’t think something else will happen.”

Freedom

Knowing what’s happening and that he will one day take over the farm gives Jake the freedom to plan what he wants to do with the business – such as improving the genetics of the herd or investing in robotic milking – rather than waiting 30 years.

“It would be so stressful if I didn’t know what was going on or whether I’d have a business to work on in the future,” says Jake. “Mum and dad are very supportive – if I ask a question they’re more than happy to let me know the answer. They’re both very proactive at saying what’s going on.”