Succession planning on the menu at GLENRAC’s upcoming Farm Family Dynamics event

Farm families are invited to attend GLENRAC’s upcoming Farm Family Dynamics event at the Glen Innes District and Services Club this August.

The event will be presented by two well-regarded speakers from Succession Planning enterprise, ProAgtive: Jess Cavanagh, a Family Law solicitor and fourth-generation farmer, and award-winning succession planning specialist, Isobel Knight.

The day will cover topics including understanding family dynamics and intergenerational differences, the legal and tax implications of succession on your business, formalising roles and responsibilities, reward and pay systems, and how to identify the business and personal goals of each family member.

This workshop addresses the need for farming families to open up the conversation around the business and its journey into the future.

The absence of succession planning or open communication around the future of the farm business can lead to conflict and breakdowns of business and/or personal relationships.

‘One of the possible solutions to avoiding conflict is to start the process of communication about future plans for the business early and in good times when there is less stress,’ said GLENRAC treasurer, Sam Baker.

‘Clear upfront and early communication prevent stress and drama.’

The goal of the Family Farm Dynamics workshop is to encourage farming families to begin, or continue on, the process of future planning for the farm business, opening up lines of communication around the expectations of family members for the future of the business and planning for its future success.

‘Succession planning can be a fraught process,’ said GLENRAC Vice Chair, Julie Firth. ‘It was a real challenge and source of tension when we were young and just starting out. No one wanted to discuss the future or how to plan for a 'fair' transition between generations.’

‘But the key is communication. If we can learn techniques so that these awkward successions and 'family dynamic' conversations become more respectful and maybe even comfortable, we're well on the way to a less stressful process.’

The workshops will be particularly useful to farming families with children who have returned to the property or who have brought home partners or spouses.

Wednesday 10th August 2022, 10:00am-3:00pm at the Glen Innes and District Services Club Glen Innes.

Free to attend. RSVP to katie.shaw@glenrac.org.au or call GLENRAC on 02 6732 3443.