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Lincolnshire Farming Conference workshop - The future of a farming family..

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Lincolnshire Showground

Grange de Lings

Lincoln

LN2 2NA

United Kingdom

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The future of a farming family - what steps to take next

About this Event

A key date in the annual farming calendar, the Lincolnshire Farming Conference features talks from a number of captivating speakers, case studies and one to one sessions with industry experts.

At 11am, Wilkin Chapman, Brown & Co and HSBC will be offering a workshop session titled 'The future of a farming family - what steps to take next.'

Jointly, the companies will talk through the key points the Smith farming family should consider when finding themselves in the scenario below. It is useful to have the perspective from each professional adviser about your options and their advice on what should be looked at to put the family each generation in the best position possible for the future.

Smith’s Farm based in central Lincolnshire has been in the family for 2 generations. It is a 1,000 acre mixed farm of mostly arable land but with some grassland, cattle and a farmhouse.

Smith’s farm is currently a Family Partnership; the partnership are husband and wife, Ian & Linda Smith who are both in their late 60’s. The eldest son and daughter work in the business however the youngest son is training to be a vet. Although the business is a partnership they do not have a partnership agreement.

Ian manages the business affairs with little input from others. The daughter looks after the stock and the eldest son carries out agricultural operations. Ian and Linda are still looking to step back from the business within the next 3-5 years and pass the running onto their eldest son and daughter.

Ian and Linda have started to think about wills, but not quite got round to it. In addition, Ian and Linda would like to sell an area of land in order to provide them with some income to spend in their retirement.

Going forward the eldest son and daughter are looking at a number of diversification projects including renovating two cottages. They want to generate alternative income to provide a sustainable future for the business but are likely to need to borrow money and are unsure about what the bank will require from them to justify borrowing for that type of venture.

Places for the workshops are limited so if you would like to attend, please reserve yours in advance. Please note that these workshops are included in the price of the Lincolnshire Farming Conference ticket, which you can purchase here.

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Date and Time

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Lincolnshire Showground

Grange de Lings

Lincoln

LN2 2NA

United Kingdom

View Map

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