Farmers urged to future-proof their businesses following poll results

Catherine Harris and her expert team is ready to help the farming community with succession planning.

FARMERS must plan for the future and grasp an appetite for change in order to protect and grow the industry.

That is the view of experts speaking after the release of results of a Future Farms Poll which was hosted by agricultural law specialists Wilkin Chapman.

More than 200 farmers took part in the poll which was conducted by the firm, whose office in Beverley has a large agricultural sector, at The Driffield Show in July, as well as two other regional events – Cereals and the Lincolnshire Show.

Results showed that 41 percent said agricultural policy was their main priority, 26 percent said succession, 20 percent identified farm diversification with the remaining 13 percent citing environmental and disease.

Partner and Head of Agriculture at Wilkin Chapman, Catherine Harris, said: “This year there are many issues of real importance within the farming community. It is so important for our firm to fully understand the future challenges and opportunities for our clients.

“One of the overriding discussions I have had with many farmers and landowners during the recent show season has been about future proofing their business. Our poll results clearly echo those discussions,” she added.

The need for farmers and landowners to plan for the future was also highlighted by a leading bank within the agricultural sector.

Reflecting on the results of the poll, Neil Wilson, Head of Agriculture for UK Corporate & Business Banking at HSBC, said that those planning to hand a business to the next generation must plan properly for the future.

He said: “As well as a discussion about how the assets of the business may be passed on it is also vital to discuss the financial standing now and the likely position going forward so that those inheriting the business are aware of what they are taking on.

“Communication at an early stage with all family members involved is crucial. This is normally where the process falls down and as Mum and Dad may have ‘sorted it out’ but no-one actually knows what the plan is. Challenges can also arise around how those non-farming family members are to be treated. Again, this falls back to communication.”

Wilkin Chapman will use the information gathered from the poll to assist their agriculture clients.

Catherine Harris continued, “It is important for families to plan now to protect their businesses and grow the next generation of farmers and our expert agricultural law team are working with clients to do just that.”