Kick start your family’s succession plan
Succession planning is one of the greatest obstacles for the future survival of our nation’s farming families. With statistics indicating that few farmers have written succession plans, the Federal Government has acted to help older farmers plan to hand their farms on to the next generation by allocating extra funding to Rural Financial Counselling Services. Rural Financial Counsellors now have an increased focus on helping eligible clients with succession planning issues.
So what is succession planning?
Succession planning is the transfer of management, responsibility, ownership, assets and control of a farm enterprise over time from one generation to the next. Succession planning is far more than a business transaction – it can be an emotive and challenging time for all involved. The complexity of family relationships and expectations, financial pressures and climatic extremes can leave farming families feeling overwhelmed by the very idea of succession planning.
Succession planning is commonly avoided because it is simply just too hard to know where to start.
From my observations, many farming families don’t do anything about succession planning until they are forced into it by ill health, sudden death, escalating family conflict or a financial crisis. Unfortunately, putting succession planning off until you are reacting to these situations results in declining financial viability of the farming business, which, if left untreated, often ends with families being forced to leave the land.
If succession planning is approached proactively in a considered and well thoughtout manner it can be very rewarding for all those involved. Rural Financial Counsellors provide free and confidential support to farming families through the succession planning process. Working with a Rural Financial Counsellor can help alleviate the confusion, and sometimes fear, a family has in dealing with the issues of succession planning by simplifying the process and providing support to achieve the desired outcomes.
The succession planning process is broken down into small manageable actions and the family has access to regular follow-up reviews to help them make progress on their succession plan and ensure they are getting the referrals and support they need during the process. Rural Financial Counsellors have a well-developed referral network and will refer farming clients to the appropriate agencies and advisors to provide assistance in developing the succession plan.
Contact your local Rural Financial Counsellor and make an appointment to kick start your family’s succession plan.
The Rural Financial Counselling Service is supported by the Australian Government and the NSW Government.
To contact your nearest Rural Financial Counsellor call 1800 686 175 or for the Northern Rivers see: www.rfcsnsw-northernregion.org or www.daff.gov.au/agriculture-food/drought/
rfcs/counsellors
