before the younger takes complete control is that it’s easy for each to believe they have an entitlement to assets introduced by the other. So a record of all assets introduced to the business and how they are incorporated into activities is essential, as with any partnership.
Perhaps hardest of all for the older generation is letting go, moving out of the main farmhouse to somewhere else on the farm or further away. However, if the younger generation has been involved from an early age and well trained while growing into a role within the farm, passing over the reins should be less stressful. It also helps if discussions over turkey and sprouts are followed up with a proper meeting that’s minuted so as to record the decisions and agreements made.
It’s all down to trust or, failing that, good professional guidance that hopefully avoids expensive in-fighting.
Steven McLaughlin is a qualified mediator able to provide an independent eye along with his colleague Mark Russell based in the Carter Jonas Cambridge office.