Hi there,
Advancing Farm Succession Planning:
Insights from the CommBank Annual Breakfast
As you may know, our Director Gavin is deeply passionate about succession planning for agribusiness. We did a little ‘happy dance’ when we heard that this year’s CommBank Annual Breakfast, hosted by the 'Farm World' event in Victoria was dedicated to the subject of farm succession planning. Not because we could be there, (I wish!), but because we’re passionate about championing the importance of proactive farm succession planning for all farming families, right across the country.
During the event, a group of local experts provided insightful perspectives on the complexities of transitioning a farming business. Their shared experiences resonate with our own work with local farming families, where we've seen firsthand the myriad challenges that come with succession. Crafting a fair strategy to allocate farming and non-farming assets is essential, especially to fairly compensate those family members who choose paths outside agriculture.
It's heartening to observe farming families across Australia leveraging professional expertise to map out succession strategies that incorporate everyone's input. These families are increasingly collaborating with their advisors to design business structures that benefit all, including diversifying into non-farming ventures. Such diversification not only mitigates risk but also ensures that the value of the family legacy can be shared with everyone, regardless of their chosen career.
At the 'Farm World' event, Matt Harms, an agribusiness consultant, pointed out a common pitfall - the conflation of family and business roles. This often results in communication breakdowns and can sour the succession planning process. He stressed the necessity of involving every family member to create an environment of clarity and harmony.
Echoing Matt's advice, we've observed how crucial it is for each family member to feel involved and heard in the succession dialogue. The success of this process relies on everyone approaching discussions with openness, honesty, and transparency.
We advise beginning succession planning early, long before its implementation. Certain aspects of succession can be time-consuming to establish, but starting early provides a clear and secure blueprint for the incoming generation.
However, knowing where to start with succession planning can be daunting, given its technical and practical intricacies—from business structures and tax implications to the personal preferences of the retiring generation regarding their roles and living arrangements. Understanding the vision of the incoming generation for these aspects is also key.
Many farmers feel overwhelmed by the intricacies of succession, which is why Gavin has dedicated himself to creating a structured, positive, and intentional planning process.
Our extensive experience with many farming clients, sometimes spanning generations, gives us a deep understanding of both the business and the family dynamics involved. This dual insight is why we excel at guiding local farming families through the succession planning process, respecting their heritage and future aspirations.
What do you think? Is it important to raise awareness of farm succession planning, or have many farmers ‘had it about up to here’ with hearing about the topic? | 
