100 Farm Succession Questions That Cut Through the Bullshit
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Succession isn’t a legal problem.
It’s not even a financial problem.
It’s a people problem… with money attached.
And most families avoid the hard questions until it’s too late.
So today, I’m giving you 100 questions you need to ask.
Not the polite ones. The real ones.
Let’s start here…
Do you actually want this life?
Not “should you”… not “it’s expected”…
Do you want to run this farm?
Because if the answer is no, everything else is a waste of time.
And parents… here’s one for you:
Do you actually want to let go?
Or are you holding on and calling it “succession planning”?
Take these questions as you will, they will save you time and money when no one knows the right question it can provide a renewed focus to find the answers and come to your goals as individuals and as a family.
REAL INTENT (1–10)
- Do you actually want to run this farm or just feel obligated?
- If the farm didn’t exist, would you choose this life?
- Are you willing to carry the stress that comes with ownership?
- Do you want control, or just a job and income?
- What would you regret more… leaving or staying?
- Are you here because it’s easier than leaving?
- What does your partner actually think about this future?
- Are you prepared to work harder than the current generation?
- Do you want to build or just maintain what’s here?
- If this takes 15+ years, are you still in?
FAMILY REALITY (11–20)
- What does each family member actually want (not what we assume)?
- Who wants ownership vs involvement vs exit?
- Are non-farming siblings okay with the current direction?
- Is anyone silently unhappy right now?
- Are partners (in-laws) influencing decisions?
- Who feels entitled to what?
- What’s already caused tension that no one’s saying out loud?
- Are we avoiding hard conversations?
- Who is most likely to walk away if this goes wrong?
- Are we protecting relationships or just assets?
FINANCIAL TRUTH (21–35)
- What is the actual net profit of the farm (not turnover)?
- Can this business support two families today?
- What income does each family realistically need?
- What happens if interest rates go to 8%?
- What debt level can the farm truly service?
- Are we relying on off-farm income to survive?
- What are the weak points in cashflow?
- What happens in a bad season (drought, prices down)?
- Are we profitable or just asset rich?
- What’s the return on assets (ROA)?
- Could this capital perform better elsewhere?
- Are we undercharging the business for labour?
- Are we overestimating future returns?
- What does a bank think of this structure?
- If we had to start from scratch, would we buy this farm again?
STRUCTURE & OWNERSHIP (36–50)
- Who owns what right now… exactly?
- Who should own land vs livestock vs plant?
- Is the current structure tax efficient?
- What happens if someone dies tomorrow?
- Are wills aligned with the succession plan?
- Will ownership transfer gradually or all at once?
- Is there a clear path to equity for the next generation?
- Are we mixing personal and business assets?
- Should we separate land ownership from operations?
- What control comes with ownership?
- Who has decision-making power tied to equity?
- Are we setting up future disputes?
- What happens if someone wants to sell their share?
- Is there a buy-sell agreement in place?
- Are we building something scalable or just complicated?
FAIRNESS (51–60)
- What does “fair” mean to each person?
- Should outcomes be equal or earned?
- How do we value years already worked?
- Are non-farming siblings being compensated?
- Are we favouring one child over another?
- Are expectations aligned across the family?
- Is resentment already building?
- Would an outsider think this is fair?
- Are we rewarding contribution or just bloodline?
- What will cause the biggest argument later?
FUNDING THE TRANSITION (61–70)
- How is this actually getting paid for?
- Is vendor finance realistic from parents?
- Can the next generation service the debt?
- What security will banks require?
- Will assets need to be sold to fund exits?
- Are we over-leveraging the next generation?
- What happens if funding falls through?
- Is there a staged buy-in plan?
- Are we building in buffers for bad years?
- What does worst-case cashflow look like?
ROLES & CONTROL (71–80)
- Who is making decisions today?
- When does that change?
- What decisions can the next generation make now?
- Are roles clearly defined or assumed?
- Who is accountable for performance?
- Are we developing leadership or controlling it?
- Can the next generation fail safely?
- What happens when generations disagree?
- Is ego getting in the way of progress?
- Who has the final say when it matters?
TIMELINE (81–90)
- When does management transition begin?
- When does ownership transition begin?
- What are the milestones over the next 5–10 years?
- Is there a clear end date?
- What triggers each stage of the plan?
- What happens if someone wants out mid-way?
- Are we moving too slow or too fast?
- What’s delaying decisions right now?
- Are we waiting for “perfect timing”?
- What happens if nothing changes for 10 years?
RISK & REALITY CHECK (91–100)
- What happens if someone gets sick or injured?
- What happens in a relationship breakdown (divorce)?
- What if commodity prices tank for 3 years?
- What if the farm needs major capital reinvestment?
- Are we relying on unrealistic assumptions?
- What’s the biggest risk we’re ignoring?
- What could completely derail this plan?
- Are we prepared to have hard conversations now instead of later?
- What happens if this fails?
- Will this plan strengthen or destroy the family?
I do think these will help and to not leave it to hope. If you use any of these and if you would like to reach out please contact hello@farmsadvice.com.au