Book now for Stirling and St Boswells Monitor Farm succession events with a twist

It can be easy to avoid potentially difficult discussions on family farm succession, to be unaware of legal rights surrounding farming and family and not understand the complexities of related finance and tax planning, particularly since the Budget. The latest Monitor Farm Scotland meetings, now open for booking, will tackle these topics in a very different way.

Watching others wrestle with the issues can be the first step in your own family journey. Based on real experiences across the country, Monitor Farm Scotland, with Johnston Carmichael, Virgin Money and Shepherd and Wedderburn, will bring the issues to the fore in a light-hearted but ultimately, potentially life-changing performance.

‘Succession, Finance, Legal Rights and Tax Planning: A Play’ takes the format of a round-the-table discussion with a banker, solicitor and accountant with a farming family in the middle. Come along to see how the discussions go, the key topics and how the advice from different professionals might impact on the farming family at the centre of the discussion.

The two events are on Wednesday 12 February in the Conference Room, United Auctions, Stirling Agricultural Centre, A84, Stirling, FK9 4RN, and on Wednesday 26 February at The Buccleuch Arms, St Boswells, Melrose, TD6 0EW. Meetings will run from 5.45pm for 6pm start, finishing at 8pm, and booking is essential.

Both meetings will be introduced by Monitor Farm Scotland. With a farming family at the centre of the discussion, professionals around the kitchen table will include Petra Grunenberg, solicitor and rural team partner at Shepherd and Wedderburn and a rural law accredited specialist; Graham Leith, chartered accountant with Johnston Carmichael; plus Rona Jordan, agricultural business manager with Virgin Money and her colleague, senior director for agriculture, Jim Heaton.

There will be a question and answer session after the play, with opportunities to meet the real-life actors, each experienced professionals on the subject of succession. There will also be a topical tax update provided by the private client tax team at Johnston Carmichael, summarising key areas relevant to succession.

Jenn Stewart, partner and head of rural at Johnston Carmichael said: “Succession is a topic which features in most rural businesses. These events give the opportunity to see the issues that arise when considering a succession plan, acted out in a family setting.”

Shepherd and Wedderburn’s Petra Grunenberg added: “The aim is to allow real time questions and answers in a less formal setting. This will hopefully make it easier for the audience to relate to and consider the subjects being discussed, which are often sensitive issues for individuals and families to deal with.”

Rona Jordan from Virgin Money said: “Role playing brings the issues to life more vividly and makes the process more real, rather than technical and abstract. These events will give people an idea of some of the day-to-day conversations we have with our faming clients and the various scenarios to be considered. We don’t expect guests to leave with all the answers, but we hope it will give them food for thought."

Attendees at a packed ‘performance’ of the play at Thainstone in December said the event was very useful. Belinda Muir from Honeyneuk Farm, Maud, Aberdeenshire, who finishes cattle and lambs, said: “Having a succession discussion acted by professionals who knew their subject well made it sound and feel real. It was easy to understand the main points at a difficult time for farming. I really enjoyed it and the Q&A session helped too. Succession will be something we will discuss around our kitchen table.”

Beth Alexander, Monitor Farm Scotland manager, added: “A play is a different approach to the usual type of meeting. Watching it should give people encouragement to discuss money, legal and accountancy topics. Succession is such a critical issue, especially now, and one which people can find really difficult. We hope this way of tackling it, with a farmer at the centre of the discussion with experts involved in the business, will be useful for everyone.”

‘Succession, Finance, Legal Rights and Tax Planning: A Play’

• Wednesday 12 February in the Conference Room, United Auctions, Stirling Agricultural Centre, Stirling, FK9 4RN; 6-8pm. Booking link: https://Westsuccession.eventbrite.co.uk

• Wednesday 26 February at The Buccleuch Arms, St Boswells, Melrose, TD6 0EW; 6pm-8pm. Booking link: https://Eastsuccessionplay.eventbrite.co.uk