Succession Planning Guide for Agribusiness
When it comes to clients’ succession planning, Chartered Accountants have a critical role to play as a trusted adviser. This guide is for CAs who need to guide agribusiness clients through the succession process.
In brief
- Succession planning for agribusinesses can be challenging.
- Updated guide outlines common succession scenarios, general tax considerations and key principles for effective succession plans.
In the next two decades, an estimated US$84.4 trillion (A$128 trillion) in assets set to change hands globally including agribusiness assets. Supporting clients through the succession planning process can be challenging, especially farm succession, which involves specific tax implications and family dynamics.
For this reason, CA ANZ’s Succession Planning Guide for Agribusiness provides a comprehensive, step-by-step process for succession planning with agribusiness clients. This fully updated and revised guide explains how farm succession differs from non-farm succession, as well as trigger points for succession conversations, before exploring how to tackle the issue of fairness versus equality.
38% of family businesses are already implementing a succession plan, while 72% say succession is a key priority for their business in the next 24 months.
The guide outlines common succession scenarios you may encounter, such as parents who are hesitant to relinquish control, early inheritance, and the issue of undrawn wages. It also explains 12 principles for effective succession plans.
CA ANZ’s Succession Planning Guide for Agribusiness includes practical tips for supporting agribusiness clients including:
- how to manage family meetings (including a sample questionnaire)
- general tax considerations in New Zealand and Australia
- legal implications, and more.
Succession Planning Guide for Agribusiness
This resource is exclusive to download for CA ANZ members.
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