The New Zealand farming industry is large and diverse – driven by over 55,000 farm holdings and rural properties. These rural properties cover an average of 25 hectares of land, are typically family run and often passed on through generations.
While these rural businesses and respective properties stand and function for decades on end, the reality is that its ownership lasts through generations.
What does this mean for rural property owners? As your property and associated business can accrue significant value over time, succession planning is integral to determine a secure future for everything and everyone involved.
It’s crucial to get awareness around your succession plan and have it sorted sooner rather than later, so that rural businesses in New Zealand can continue to thrive.
Succession planning for your rural property is essential for clarity around the future success and growth of your rural business. Planning in advance gives you the freedom and the opportunity to thoroughly consider what you’d like to do with your business.
Options that rural business owners can consider when creating a succession plan include:
When it comes to sorting out a succession plan for your rural business, there are several options and choices involved.
What needs to be considered:
It’s crucial to think about succession planning for your rural properties – so that the business’s future has a sound strategy. The most crucial part of succession planning is knowing what your property is valued at.
Establish a baseline on where your business is today, and provide alternatives for the future.
Talk to those involved
Key to your succession planning is including your stakeholders. This means having conversations with family or potential buyers to establish clarity over their involvement with your property in the future. Make sure to organise where every asset is passed on, and ensure everyone is on board.
Get your property valued
With an accurate value for your rural property, you’ll be able to put a plan in place for both your property and business. Our TelferYoung valuers are able to accurately assess your property and provide a value. They can also assist with land rules and restrictions, and give you realistic options for the future.
Our valuers at TelferYoung can provide an accurate value for your rural property so you can build a succession plan, talk to us today.
Posted 3 months ago