The Scottish branch of the National Farmers’ Union (NFU Scotland) will host a webinar on succession planning on November 1, 2023.
The Making a succession a success webinar will take place on Wednesday, November 1, at 7:00p.m.
NFU Scotland’s next generation group is hosting the webinar and believes succession should be a smooth transition that enables the next generation to continue supporting Scottish agriculture.
However, the group said that the reality is that many farming and crofting businesses have yet to put a succession plan in place.
The union’s next generation group has organised a panel of leading industry experts for the online seminar.
The speakers include:
- Ian Davidson, Scottish Land Matching Service;
- Agricultural law specialist Hamish Lean of Shepherd and Wedderburn;
- Caroline Millar, sector lead at Scottish Agritourism;
- Alex Docherty, head of private client tax at Johnston Carmichael.
NFU Scotland’s next generation group said the speakers will inspire thoughts on how to get started with a succession plan, and display some of the great benefits to being prepared for succession for your business.
Chair of the union’s next generation group, Matthew Steel, will steer the webinar.
Steel, who farms at Craignathro near Forfar, said: “We know there is a lack of succession planning within the farming industry, and this can be a barrier for new entrants in the sector.
“With tenancies in short supply and land prices as high as ever, it can be a struggle for an ambitious new entrant to make a go of a business venture in the sector.
“Therefore, NFUS next generation committee has organised a webinar with a panel of expert speakers to help open up the conversation about succession and what this may look like for your farming or crofting business.”
Steel said succession comes in many forms, whether control is passed down to a family member, or a share farming agreement is arranged, and said that it is important to create and implement a succession plan.
“That plan will enable you to set out goals for the business, as well as how and who you’ll hand over control to,” he said.
“It’s also your chance to shape the future of the farm or croft and leave a legacy long after retirement.”
