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.