Succession Planning for Dairy Farmers

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Published on 03/02/2010
My experience of succession planning is almost exclusively limited to the rural sector, and particularly the dairy industry.

In the rural sector, the term succession planning refers to the process by which farm assets transfer to the next generation.

In the districts in which I practice, most of the clients wanting succession plans comprise a generation of farmers who are married and who have had no assistance from their parents in acquiring a farm. I describe this group as first generation farmers.

Notwithstanding this fact, I would assess the average net value of the joint assets as between $4,000,000 and $10,000,000.

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