Succession Planning

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					Succession Planning




         A must for all
Especially the grazing industry
Family Communication

   Communicate thoughts between gender and
    generation
    –   Listen
    –   Plan
    –   Divulge
Communicate your will

   Your will.
    –   * Should be made as soon as you turn 18.
    –   * Provides a seamless transition for the next
        generation.
    –   * How can your successors plan if they don’t
        understand your will?
Delegate Responsibility

   Help people do work THEY want to do by
    knowing
    –   * what to do
    –   * how to do it
   By providing
    –   * the opportunity to do it
    –   * effective leadership & guidance
Successful planning

Can be done within families
                      or
With the help of
  –   accountants
  –   solicitors
  –   mediators
or a combination of the above
The process may take time

   Spend as long as it takes, but don’t
    procrastinate.

   Ensure that you work through all the issues
    (including the hard ones).
Remember

 The cost of succession planning might seem
  expensive - a few thousand dollars?
However.
 If not done satisfactorily, it could be much
  more.
 And generations of family work &
  relationships.
    Successful Businesses

   Create relationships with
    –   * Family
    –   * Employees
    –   * Contractors
    –   *Other businesses
Vigorously promote

   Career opportunities

   Work experience opportunities

   Positive experiences
Winning requires teamwork

   Not individual performance.
   Because experience is about how quickly you
    learn.
   Off-farm work for one partner may not be a
    good idea.
   Need a ‘LEADERFULL’ team.
Skills

   Succession planning will always require
    –   * Budgeting and financial skills

    –   * Social skills

    –   * Common sense
Common sense

   No one ever sees things the same way as
    you.
    –   * Never EXPECT children to carry on the
        business.

    –   * Provide support in THEIR interests and
        expertise.
Social Skills


   * Listen



   * Discuss
Budgeting and financial skills

   Multi-enterprise grazing enterprises need
    comparative budgeting and financial analysis
   Profits help address:
    –   Expansion
    –   Technological changes
    –   Holidays
    –   Health
    –   Succession planning
Family Farming

   Does have a future.
                      but.
   The family farm is not sacrosanct.

   Other opportunities do exist.
Accepting change

Remember:
 Succession planning can be
  –   Fun
  –   Challenging
  –   Rewarding
  –   Lead to a peaceful retirement
PROMOTE AGRICULTURE

   Farming organizations.

   Press.

    Need to promote more success stories to
    promote agriculture to attract younger
    people.