Succession: the first conversation

Succession starts with a family conversation, long before the solicitor. This list helps you get the first one right.

Gather first

Done	Item
	The farm's last three years of financial statements
	A list of assets and debts, and who owns what (people, companies, trusts)
	Any existing wills, powers of attorney and partnership or trust deeds

Who should be in the room

Done	Item
	Everyone with a stake, including those not working on the farm
	An independent facilitator if the conversation is likely to be hard

Questions to answer

Done	Item
	What do the parents need to live on, and where will they live?
	Who wants to farm, and can the farm support them?
	What is fair to those who don't farm, and does fair mean equal?
	What's the timeframe for handing over management and ownership?

Then

Done	Item
	Write down what was agreed and what's still open
	See your accountant and solicitor with that list

Helpful tools

NSW Government, Farm business plan template

Checked 26 October 2026. General information only. It doesn't take account of your circumstances and isn't tax, legal or credit advice. Farm CFO is a business name of Levelhead Capital Pty Ltd (ABN 15 703 134 918). farmcfo.com.au · 0412 759 847

Want a hand with it?

Read Ways into farming, or talk to us about the Farm Health Check.