Farmers in southern Riverina and north east Victoria have the opportunity to develop skills to assist with successful family farm succession and business transition, at a free Rabo Client Council-hosted information session.
The practical Business Transition and Succession Planning information session will be held in Albury on August 14.
The initiative has been spearheaded and funded by food and agribusiness banking specialist Rabobank's Rabo Client Council, a group of the bank's farming clients who volunteer their time implementing programs that contribute to the sustainability of rural and regional communities.
The complimentary, interactive session provides practical information, such as why family and business communication can be difficult and how to improve it, what makes a meeting work, and how to take account of differing family goals.
The information session – which will be limited to 30 participants and is not restricted to the bank's clients – will be presented by content and facilitator partner, Transition Partners director Jim Benson.
Rabobank regional manager for Riverina and Northern Victoria Sally Bull said, "as a successful shift between generations can be understandably complicated and challenging to execute – business transition and succession planning skills are crucial for most family farming businesses".
Ms Bull said managing the transition within a family farming business extends beyond legal and financial considerations – "it involves devising strategies and plans to protect the core of the family farm and secure its long-term prosperity".
The session content would include how to start the conversation about business succession, Ms Bull said. "There will be a chance to explore the key elements of setting up that first meeting to discuss next steps – thinking about management, business, property and wealth transition. And there will be tools provided to assist in the planning process, understanding family/business conflict and dealing with family issues," she said.
"The information session provides a supportive environment where couples and family members can attend together. It offers farmers a rare opportunity to take a break away from their daily business demands and engage in shared knowledge."
Proactive planning plays a crucial role in ensuring smooth business transitions, Ms Bull said. "It is advisable to initiate succession planning well in advance, as waiting until the last moment can exacerbate potential conflicts based on misunderstandings of individual expectations," she said.
Ms Bull said Rabobank's Rabo Client Council network was focussed on developing meaningful grassroots initiatives to support key themes focusing on agri education, rural wellbeing, sustainability, adaption and creating rural/urban connections.
"Through the transfer of skills and expertise in business transition processes, this information session helps empower farmers. They acquire critical tools to create plans for business continuity, helping to ensure the prosperity of family farming enterprises across generations," she explained. "This positive impact ripples beyond individual farms, benefiting rural and regional communities by fostering a robust local farming sector."
"If you're interested in attending the session, keen to meet other progressive farming families and develop new skills, confirm your place before the session is fully allocated."
Information session date and location are:
- Wednesday, 14 August 2024 – 9:30am – 2:30pm – Albury
To register to participate, click here
Morning tea and lunch catering will be provided.
