Succession planning is important in every business, but can sometimes be a bit more challenging in the agriculture industry.
Conflict may arise because of emotional attachments to land and other farm assets.
Steven Muth, partner of Muth & Co LLP, says people have been doing this type of planning for years, but it recently has become a topic which is being taken more seriously.
"The general rule of thumb for anything, is the sooner you start, the easier it is. The biggest thing I suggest to people is to start the conversation, whether it's a child speaking to their parents, or parents speaking to the child who's looking at taking over the farm, because it's usually the communication, or lack of communication, that either makes the process a success or a failure."
He adds it's important to have open and honest communication.
Some advice Muth gives producers, is to have a clear idea of they want for the future in order to structure the conversation.
During the conversation, it is helpful to ask questions to understand everyone's view point, instead of giving direct statements.
Succession planning is a long process, so it can take a number of years and changes before you can make a plan which works for everyone.