Taking over the family farm is becoming a less attractive option for the younger generation. Photo / Harry Nash
Taking over the family farm is becoming a less attractive option for the younger generation. Photo / Harry Nash
The Country Early Edition: Dom George catches up with Bayleys Real Estate New Zealand Country Manager, Simon Anderson to talk about a growing concern over farm succession.
Times are changing in the farming industry. Back in the day farm succession was a done deal as next of kin would takeover the family business when farmers decided to retire.
Nowadays farming is perhaps seen as a less desirable future for the younger generation. The value of farms has reduced and young people are encouraged to go to University or to travel and see the world.
This in turn means changes have to happen in the way the ageing farming population thinks about retirement to avoid conflict within the family.
Retirement and succession are some of the biggest concerns for realtors, financiers and financial advisors. They're looking for other options to help farmers through the process such as a third party coming in to facilitate the conversation with the family.
30 to 40 year old farmers tend to have more of a handle on the succession situation; Anderson believes it's the older generation that will benefit from farm succession advice in these changing times.
Have a listen to the Soundcloud embed below to hear Dom George's full interview with Simon Anderson:
