The highly anticipated Three Counties Future of Farming: Let’s Talk About Succession for You and Your Business event, supported by Virgin Money, brought together farming professionals and industry experts on Thursday, November 21, 2024, at the Three Counties Showground. The event delved into the critical topic of succession planning, attracting an impressive audience eager to navigate the challenges of securing their agricultural businesses’ legacy and planning for the future.
The day featured a lineup of distinguished speakers, including Iain Morrison (MFG), Martin Waite (Ashbridge Partners), Lucie Hammond (Hazlewoods), Jon Johnson (Mountain Perspective), and representatives from event sponsor Virgin Money: Brian Richardson (UK Head of Agriculture), Oliver Maxey (Head of Agriculture – England), and Jonathan Powell (Agricultural Business Manager). Together, the panel comprehensively explored succession planning, covering the legal, financial and strategic aspects of navigating transitions in family-owned farms and agricultural enterprises. Much of the focus was on the implications of the recent inheritance and business tax changes from the 2024 Budget.
Attendees gained practical insights from interactive Q&A sessions, engaging panel discussions and targeted breakout workshops chaired by the specialists. Topics ranged from avoiding common succession pitfalls to understanding gifting rules, Agricultural Property Relief (APR) and Business Property Relief (BPR), the forthcoming consultation on these and the pros and cons of partnerships versus limited companies.
A recurring message throughout the event was the importance of proactive communication, early planning and ensuring essential documents – such as wills, partnership agreements and powers of attorney – are kept up to date to navigate the delicate relationship dynamics often present when succession planning for family farms. Iain Morrison of MFG underscored this with a reminder: “It’s never too early to start succession planning.” Discussions also highlighted the value of seeking professional help, whether for mediation or facilitating family discussions, to navigate any challenges effectively.
During breaks between scheduled sessions, attendees had the opportunity to participate in one-on-one sessions with the speakers, receiving customised advice tailored to their unique circumstances, with the opportunity for follow-up communication after the event to further address their queries.
In addition to its educational focus, the event fostered invaluable networking opportunities, creating a space for attendees to connect with fellow farmers and like-minded professionals, exchanging experiences and ideas on how to tackle similar succession planning challenges. Herefordshire Rural Hub, FCN and Hartpury College were also on hand to offer support and advice.
Michael Weaver, Three Counties Agricultural Society County Director for Gloucestershire commented: “The choice of topic at the Three Counties “Future of Farming ” seminar couldn’t have been more appropriate following the Chancellor’s Budget statement in October. We heard from a panel of very knowledgeable rural specialist tax accountants, solicitors, bank managers and consultants.
I left the seminar having learnt a couple of things I can use to question my own tax consultant. All our businesses are different, but I had some pointers I can use to adapt to my own circumstances. The Three Counties is a charity with education as one of its main objectives. We are very good at doing things aimed at children at all our shows. It’s great to be continuing to help those of us a bit older.”
Topics discussed reinforced the critical importance of succession planning in the agricultural sector, driving home the message that early preparation, clear communication and expert guidance are key to ensuring a smooth and successful transition for generations to come.
For more information about future events and initiatives by Three Counties, visit www.threecounties.co.uk
