Succession and Retirement

Whilst this may not have been top of mind when you first started out, inevitably, there comes a realization that ultimately, succession and retirement is the end-game to a life’s work.  This then, is the reward for all those years working the land and providing for your family.  But those years often add a complexity to the process you never envisaged originally, and how you deal with that will affect both your ability to retire comfortably and pass on assets, knowledge and wealth to those you care for.


The decision as to who will succeed you on the farm was probably taken years ago and that son or daughter may have been working with you already for many years.  But will your successor be able to take off from where you left off, or will he or she be saddled with debt and obligations to other family members?  Will you be able to give each family member a positive contribution to their lifestyles, thereby allowing them to share in and build on your success?  Munro’s has extensive experience in this area and has successfully helped many farming families with succession, creating the right climate for strong family growth.

  • Succession planning

    Just like any farming activity, the key to succession is in the planning.  Planning done sometimes well in advance of the event, sometimes, not.  Either way, the planning needs to be carefully thought through, based on a thorough understanding of family needs and dynamics as well as the legal and financial structures. 

  • Fair and equitable

    Life may not be fair, but arriving at a succession plan that is acceptable to the family is critical and providing that sense of fairness may become your greatest achievement as a farmer.  Professional and knowledgeable mediation throughout the planning and implementation process helps you get there, particularly if personalities get in the way and there are legal and financial matters to consider.

  • Keeping the family together

    Perhaps the ultimate goal of any succession planning is to keep the family together both today and tomorrow.  Too often, farming families become divided when perceived needs are not met as conflict arises.  Should we really view a succession plan as a life plan – one that assures those around you that they are valued now as well as down the track?


Retirement means different things to different people.  It can be a relief or a wrench.  Munro’s knows that and is here to help with the process.  Have you really thought about your retirement? 

  • Superannunation

    You may not have done much about superannuation over the years, because your ultimate super was your farm.  But are you sure the farm can pay for your retirement?  Having savings held in superannuation diversifies your wealth, is tax effective and broadens your options when considering how to pass your assets on.

  • Ongoing income

    Having regular and ongoing income is obviously critical when you stop working.  But working out how much you need may not be as straight forward as you thought and securing that income may be even harder.

  • Wills and estates

    An integral part of any life or succession plan is that the whole thing doesn’t fall over when you do.  Making sure that your will and other appropriate end of life legal documents fit your life purpose and succession plan in every way is crucial.  Sadly, mistakes and omissions are often only noticed when it is too late, but this certainly needn’t be the case.

The Family Farm Survival Guide

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The Family Farm Survival Guide

In this guide, we explore the four big questions around family farm survival:

  • When do we really need to be thinking about long-term, inter-generational survival?
  • Who does this affect?
  • What are we going to do about it and what does “fair” really look like?
  • How on earth are we going to do this?
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