Nobody likes to think too much about it, but inevitably you will one day have to leave your business or farm, whether by selling up, retiring or leaving for health reasons.

It’s really important to have a succession plan in place that makes the transition easy not only for yourself but also for your family or employees and minimises the chance of the business or family assets having to be sold up when you leave.

A successful plan is made involving discussions with all family members as it will take into account not only provisions for your retirement income but also the plans, aptitudes and existing assets of younger generations.