Seeking successful succession planning?

Agribusiness

20 Nov

Written By Aleisha Domrow

A Rural Financial Counsellor can assist you with succession planning.

“We all love our family, and we want them and the existing business to succeed.”

Succession is hard – it takes a long time and requires extensive planning and communication.

Succession planning is not just estate planning – it’s so much more. Often producers deal with the asset – the property, the enterprise, the livestock.

What we fail to address is the decision-making, the responsibility, the leadership and the strategy and direction of the goals of our business and how and when we transfer these to the next generations.

This is often where most families stumble. Many primary production businesses have 2-3 generations all living and working in the family business, at different stages of their lives and with different personal and financial goals.

A successful succession plan is one where these activities are addressed and transferred from one generation to the next. It requires respect, understanding and communication between family members and this is hard.

We all love our family and we want all of them and the existing business to succeed. But sometimes, assets can’t be divided equally or changes need to be made to ensure future viability.

A rural financial counsellor can help you co-ordinate your goals and strategies and we provide you with non-judgemental and independent guidance as you work through the process.

We work with your accountant and solicitor to ensure that you have the correct structure, but we also work with your family to ensure that your most important asset – your family relationship – is supported.