Succession planning may require changing business structures and deciding between a direct sale and placing assets in the trust. In more complex cases, it might make sense to divide farming operations, enter into a contract with an outside farmer or sell the farm. There is no one-size-fits-all approach.
Because of the complex nature of a succession plan, a team that includes a lawyer and accountant is indispensable in helping to evaluate the legal and tax implications of different business structures and vehicles (such as trusts) used to transfer assets and operations.
A professional team will also be needed to complete the paperwork required to prepare a formal succession plan.
EVALUATING OPERATIONS
Once your family has established its goals for the future of the farm, including an estimated retirement date and a plan to shift operations and assets, your advisers will look at the current business structure and determine whether it can help you meet those goals, or if restructuring is needed.
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The dog for the stockman and how to choose him
Sheep dogs have been invaluable to stock farmers for many decades and even centuries. However, the dog must be able to work. This article explored the characteristics that a farmer should consider when choosing a sheep dog.
Steady, solid progress with free-range pigs
Start small and grow with the results. This is the principle followed by young pig farmer Jason Buys of Ocean View piggery in the Western Cape. Jeandré van der Walt visited him to learn more about his free-range pig operation and how he plans to grow his farming business.
Brucellosis
This disease can cause devastating production losses. For this reason, it is a controlled disease, which means that it must be reported to government veterinary services. It is also a zoonosis.
Feed Right For Your Type
For sustainable grassland management, farmers need to know whether they are farming on sweet- or sourveld, and should adapt their livestock management practices accordingly. Glenneis Kriel reports.
Starting An Essential Oils Enterprise From Scratch
After attending a farmers’ day in 2018, Oniccah and Naledi Nkoe decided to start farming herbal plants to produce essential oils. They have since expanded plantings and launched their own essential oils business. They spoke to Salome Modiselle and Sandile Mahlangu, researchers at the Agricultural Research Council.
Illegal Sand Mining Threatens Sugar Farmers
The sugar cane farms of 175 small-scale growers are hanging in the balance as illegal sand mining in the Middle-Komati River reaches catastrophic levels.
Agriculture Alone Cannot Address The Youth Unemployment Crisis
Africa remains the youngest continent in the world, with almost 60% of its population under the age of 25.
Bidders Beware: Uptick In ‘Illegal' Auctions
With the introduction of the COVID-19-related lockdown came the unprecedented migration of auctions to online platforms as a means of selling everything from cars to office furniture.
Unsustainable Farming A Threat To Water Supply
South Africa’s estuarine and wetland ecosystems provide important ecological functions such as the purification of water. Yet 99% and 88% of these ecosystems respectively are threatened. Prof Francois Durand of the Department of Zoology at the University of Johannesburg writes that farmers, who are the main water users in the country, have a crucial role to play when it comes to reversing this degradation.
Soil sampling basics
A soil sample should represent a homogeneous area where there are no visible soil differences.
