Chapman Eastway are well established in the world of rural succession. We have a long track record of guiding the successful transition of rural land and agricultural assets between generations in Australian families, ensuring family relationships are protected and business profitability is maintained.
We know that succession for agri-business is complicated, not least because of the relative indivisibility of rural assets and the emotional attachment the family feels towards the land itself. For these reasons, it is vital that the process is approached holistically: with consideration of family relationships, business profitability as well as the taxation and regulatory requirements of transferring land.
Our experienced team of agri-business advisors are with your family throughout the entire process: From getting those dreaded conversations started, ensuring beneficial decisions are made and a realistic plan is developed, implemented and monitored. We work with you to plot, pursue and achieve your personal, family and business goals over the short and long term.
Our 2016 study into agri-business succession highlighted many of the major challenges facing farming families during the succession process. These included:
Reluctance to discuss succession, hand over decision-making and/or retire
Fear that a workable plan is not achievable
Conflicting expectations and timing conflicts
Significant taxation consequences of transferring land
Difficulty accessing sufficient funds for an increasingly long and expensive retirement period
Difficulty accommodating multiple family children, protecting family relationships and maintaining business profitability
The danger of mistaken expectations and verbal promises and agreements
Burdensome debt obligations which complicate perceptions of fairness
In light of these challenges, Chapman Eastway has developed a safe, easily navigable succession process that will help your family manage the transition with greater ease and confidence. To read more about our succession process, please download the brochure here.
Chapman Eastway specialises in:
- Helping you achieve your personal, family and business objectives
- Developing realistic and feasible broad-based estate/succession plan that accommodates multiple interests
- Developing family charter
- Superannuation and retirement
- Structuring your business in a tax-effective way
- Taxation structuring and planning
- Financial forecasting, budgeting, conducting feasibility studies
- Conduct a review of operations and performance review
- Restructure your business to accommodate multiple interests/shareholders
- Position your business for capital investment
- Training, education and empowerment of the next generation
- Chair family meetings and establish a decision-making process and legacy for effective governance