Farm Transfer & Farm Succession

What is farm transfer?

  • Farm transfer is the process of handing over control, ownership and/or management of the farm business to a successor.
  • “Transfer” and “succession” are used interchangeably although “succession” is more commonly used to refer to the passing of a business within a family.
  • In farming, traditionally the farm business is tied to the land meaning transfer will usually involve both, this puts farm transfer in a complex situation where both aspects need to be evaluated from financial, legal, taxation, and personal perspectives.

Succession and transfer are a powerful aspect of farm businesses as they ensure landowner to plan for change as they age and build a legacy. Planning for transfer ensures the continues agricultural use of land and enabling a new generations of farmers to access viable land.

Below are some helpful resources providing overviews, checklists and action planning to assist with farm succession planning.