Primary producers in Central Western New South Wales have the opportunity to develop skills to assist with family farm succession and business transition at free Rabo Client Council-hosted information sessions.
The practical Business Transition and Succession Planning information sessions will be held in Dubbo and Orange in early September.
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 sessions – which will be limited to 30 participants each and are not restricted to the bank's clients – will be presented by content and facilitator partner, Transition Partners director Jim Benson.
Rabobank regional manager for Central and Northern New South Wales Toby Mendl said, "given the inherent complexities and challenges in transitioning between generations, developing business transition and succession planning skills becomes critical for family farming businesses".
Mr Mendl said navigating this transition goes beyond legal and financial aspects – "it entails developing strategies and plans to safeguard the fundamental essence of the family farm and positioning the business for on-going, long term success."
The session content includes how to start the conversation about business succession, Mr Mendl said. "During these sessions, participants will have the opportunity to delve into critical components for organising their initial meeting, where they can discuss next steps related to management, business, property and wealth transition. Additionally, practical tools will be available to aid in the planning process, address family and business conflicts and navigate family-related issues," he said.
"The information sessions provide 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 work commitments and engage in shared learning."
Proactive planning plays a crucial role in ensuring smooth business transition, Mr Mendl said. "Starting succession planning early is advisable, as delaying the process and the relevant discussions can amplify potential conflicts arising from differing individual expectations," he said.
Mr Mendl 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.
"By imparting skills and expertise related to business transition processes, these information sessions aim to empower farmers," he said. "They equip farmers with important tools to develop continuity plans, helping to secure the prosperity of family farming enterprises across multiple generations. Moreover, this positive influence extends beyond individual farms, benefiting rural and regional communities and contributing to the resilience of the 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 sessions are fully allocated."
Information session date and location are:
- Wednesday, 4 September 2024 – 9:30am – 3:00pm (Dubbo)
- Thursday, 5 September 2024 – 8.30am – 2.00pm (Orange)
To register to participate, click here
Morning tea and lunch catering will be provided.
