Succession Planning Tales from Yellowstone Ranch

Article by Jack Hayes Byfields Director

If you’ve watched Yellowstone, you’ll know it’s not just about cowboys and cattle – it’s about land, legacy, and the chaos that erupts when succession planning is ignored. John Dutton might run the biggest ranch in Montana, but for all his grit, he is hopeless at succession planning. His kids – Beth, Kayce, and Jamie – are all pulling in different directions, and the lack of a clear plan creates constant conflict. 

In family farming, succession planning is one of those things we all know we should do – but it’s easy to put off. The seasons keep rolling on, and suddenly, the next generation is ready to step in. Without a plan, uncertainty can tear families apart and jeopardise decades of hard work. A well-thought-out succession plan isn’t just about who gets what; it’s about protecting relationships, preserving business continuity, and ensuring the farm remains viable for future generations. I would like to share a few observations inspired by the TV series. 

John Dutton’s main concern towards the end of the series is tax. While I don’t claim to know Montana state taxes or U.S. federal taxes, I do know ours. Here in WA, the main taxes that need to be considered are capital gains tax and stamp duty. There is a common misconception that farmers don’t pay these taxes. This is absolutely not true. In fact, WA families are generally less likely to access concessions than ever before. While exemptions can apply in some cases, the legislation is extremely complex. It’s vital to seek advice from professionals who understand these rules inside and out, because getting it wrong can cost hundreds of thousands (or millions) of dollars. 

John Dutton is a loyal man who trusts his word and a handshake. In the real world, that’s a recipe for disaster. A written plan – prepared with a succession expert and a lawyer who understands family farming – is essential. Family successions are typically formalised through a legal document such as a Deed of Family Arrangement, signed by all parties, rather than relying on emotional promises. This is not about distrust; it’s about clarity and fairness for everyone involved. 

Here in WA, we’ve seen what happens when succession is left too late – split families, fractured businesses, and lost legacies. Don’t leave your family’s future to chance. Start the conversation today. Speak with the succession planning experts at Byfields who understand family farming. A clear, written plan isn’t just paperwork – it’s peace of mind for generations to come.