WITH each new generation, farming families are faced with the same and often difficult discussion about who will take care of the property in the future.

Succession planning is an issue that Southern Downs farmers grapple with, as the desire to keep the property in the family comes with tricky conversations about the best and fairest way forward.

It's just as important as having a will, according to Kevin Bourke whose family has owned land at Gladfield since the early 1900s.

Mr Bourke said his father, John, bought his farm in the mid-1960s and two of his sons returned to the land straight after schooling.

Mr Bourke rejoined the family business in 2004 after spending 21 years as a butcher, buying land adjoining the family farm.

The three sons ensured the farm stayed in the family for another generation, but it won't be long until decisions must be made about the next era for the business.

Mr Bourke said different family dynamics such as partners and children must all be taken into account when working out a fair transition.

"With running a business, that's an ongoing concern and you've got a lot of assets and machinery and livestock involved, so that's all part of the business,” he said.

"There's often a lot of debt involved on properties. I don't know of any businesses that run without any debt.”

Mr Bourke has four children, all of whom have worked on the family farm throughout their lives.

He admitted succession-planning hadn't been formally set in stone by the family as yet, but it was something at the forefront of his mind.

"A lot goes into running a business like this.

"We probably don't make the time or make a priority to think what is going to happen over the next 10 years,” he said.

"It's too easy to put in the too-hard basket - we'll talk about that down the track.”

But Mr Bourke said decisions about the future of the business now must also be made flexible, as the size and scope of the business changes over time.

In the past 13 years he has been back on the land, the farm has expanded from milking 220 head to 550.

"A succession plan is something that happens over a decade or longer and it can be tweaked and added to or thought of differently all the way along,” he said.

Mr Bourke is pragmatic about the fact all or none of his four children may wind up taking care of the farm, but he hopes to see it stay in the hands of the family.

"I think Dad's happy that he's got three of his sons in the business with him and he can see that the family is moving on with another generation moving into the farm,” he said.

"I'd love to think that the farm will stay within our family for at least another generation.”

Successful succession can be achieved with sufficient planning, as Bill Lester of St Andrew's Illawarra Stud at Glengallan recently discovered.

Mr Lester officially retired in July from the farm his family has owned since 1944, with his son Andrew taking over the farm as the owner and manager.

He had transition to retirement and superannuation plans in place, which enabled him to build up sufficient money to retire while limiting the amount of holding he had to sell.

But he said succession could be a "minefield” for some farmers due to the changing value of land.

"Land prices are escalating and are well above the value of returns from the land so there's a squeeze on between what the new generation can earn and the value of the land the old generation can pass on,” he said.

Planning is also vital to ensuring the previous generation are left with enough money to retire with when the farm is eventually passed on.

"It is made easier by the superannuation laws today where a person can transition to the retirement phase which enables the person to build up capital responsibly,” Mr Lester said.

He urged farmers to seek advice from experts to plan responsibly for the future.

He and Andrew had always been open about their plans, which also helped ensure a smooth transition.

"I think people have got to discuss it.

"It's like taxes you have to make arrangements for when that happens,” he said.