Family Business Succession in Farming
Succession planning as a farmer can be challenging for all involved in the family business. Only 13% of family run businesses have a succession plan in place and that is reflected in the statistics, with only 30% of family run businesses surviving into the second generation.
Having an effective succession plan is vital and it should be an intrinsic part of the overall planning for the long-term future of the business and not treated as a separate issue, as it is a process and not an event.
Although there is no one-size-fits all solution, during this workshop we will help start you on this process to help you develop a transition plan from one generation to the next.
In this FREE session we will focus on two key areas:
- Understanding the dynamics of a family business
- Planning for a generational change in a farming business
Much of the information we will cover is relevant for any family planning how they approach moving assets from one generation to the next and is a good starting point for discussions and planning.
About Thrive X
The Thrive X service has been fully-funded by the European Development Fund to allow us to offer you 12 hours of free business support through a range of one-to-one advice and workshops with expert advisors and speakers.
To be eligible to attend this free workshop you need to be based in Devon or Somerset (excluding Torridge, North Devon, North Somerset & BaNES). If you are unsure, you can check by entering your postcode into the Government Council Checker.
The Heart of the South West Growth Hub Service for All is receiving up to £781,965 of funding from the England European Regional Development Fund (ERDF). The accountable body for this programme is Devon County Council.