Who to involve

Succession is a team effort. The family makes the decisions, but it needs good advisers to make them stick. The WA succession guide recommends seeking professional advice, and names independent facilitators and legal, accounting and insurance professionals.

The family

Everyone with a stake should have a voice, including children who don't work on the farm. Leaving people out early often causes trouble later.

An independent facilitator

A facilitator runs the family meetings. They help everyone be heard, keep to the agenda and write down what's agreed. They don't take sides, and they don't make decisions for you. If the conversation is likely to be hard, a facilitator is worth it.

Your accountant

Ask your accountant about:

• How the farm's structure works, such as any trusts and companies.
• The tax side of moving assets, including capital gains tax.
• Whether the numbers stack up for the plan you're thinking about.

Your solicitor

Ask your solicitor about:

• Wills and powers of attorney, for each person.
• Changes to trust deeds, partnership agreements or company documents.
• Transferring land or other assets, and any transfer duty.
• Written agreements between family members.

Where family members want different things, ask your solicitor whether each person should get their own independent advice.

Insurance

Life, disability and other insurance can matter in succession. Talk to an adviser who deals with it.

The bank

If debt will change, or the farm will be restructured, talk to the bank early. It will want to see the plan and the numbers. Our bank ratios page shows what it will look at.

Where we fit

We're not your accountant or solicitor, and we don't give legal or tax advice. What we do is the numbers. Can the farm support the plan? What happens in a bad year? How much debt can it carry? That helps your family and your advisers work from the same facts.

If you'd like that clear view, our Farm Health Check is a good first step. If money is already tight, the Rural Financial Counselling Service offers free and independent financial counselling to eligible farmers. The national line is 1300 771 741.

Your next step

Book the first family meeting. Use the first conversation checklist as your agenda. Write down what's agreed and what's still open. Then see your accountant and solicitor with that list.