The conversation that shouldn’t wait.

Succession. A sensational television show of the late 2010s? Absolutely. But for farming families, it’s also an inevitability reality every business will face.

In March 2025, Rabobank published a white paper estimating that, over the next ten years, more than half of all New Zealand farm and orchard owners will reach retirement age. As a result, $150 billion of New Zealand farming assets is expected to change hands. Rabobank referred to this “changing of the guard” as what is likely to be New Zealand agriculture’s largest-ever intergenerational transfer of wealth. Yet despite the scale of what’s coming, only 33% of farmers surveyed had a formal succession plan in place.

At some point, the assets will transfer. This much I know. It’s up to you whether that happens within your family, or to an outside interest.

Planning for the future does not mean succession on day one and retirement on day two. Succession evolves over time, often over many years, as family circumstances, business goals and individual aspirations change. It is the gradual process of bringing the next generation into the business while there is still time to learn, develop their skills and gain confidence. Much of farming becomes second nature because you have done it every day for years, building knowledge through decades of decisions, problem-solving and adapting to whatever the season throws at you. The earlier those lessons are shared, the stronger the business will be for the next generation.

Another reason to start the process sooner rather than later is that every family is different, and so is every succession plan. There is no one-size-fits-all approach, which is why the best plans are built around your family’s goals, values, and legacy.

Don’t just think of succession as the transfer of land, livestock, and machinery. While that might be part of the puzzle, some of the most valuable things you transfer won’t be found on a balance sheet. Consider the professional relationships you’ve built over the years, the leadership skills and resilience you’ve developed – the types of skills that come from living and breathing the business every day.

In farming, there’s always another reason to wait. Another job to do. Another season around the corner. Another immediate priority that feels more urgent.

“We’ll talk about it after calving … let’s just get through this season first … we’ve still got plenty of time …”

The irony is that succession is not a one-and-done chat. It takes time, consideration, professional advice, and documentation. By delaying it, you only narrow the window you have to achieve the outcome you want.

Start by getting the right people around the table: family members involved in the business, those who may be affected by future decisions, and, of course, your trusted advisers. The initial conversations don’t need to solve everything. They just need to begin with honesty about what each person thinks, what the business can realistically support, and what steps need to happen next.

My advice is simple: start the succession conversation now. Or, at a minimum, make a plan to make the plan. With or without your input, your assets will change hands eventually. At least this way, you have the opportunity to help shape the outcome. The goal is not simply to transfer ownership of the farm. It is to pass on opportunity, knowledge and responsibility, while preserving the relationships that made the farm possible in the first place.

Content in this article is general and does not constitute advice – please get in touch if you'd like to discuss your specific circumstances.

Erin Neale, Associate at Brown Glassford & Co Limited.