They want to develop a culture of ‘no surprises’ in their family business, with the family and their partners all understanding and contributing to business decisions.
Through the succession process they want to see the business flourish, but that isn’t at any cost. They must have an income that reflects their efforts in establishing the business.
After attending a DairyNZ Mark and Measure strategic and business seminar they knew they were managing the financial and operational aspects of the business well, but felt they needed a follow-on plan that would give the family business a future that involved their children.
The Mark and Measure Governance workshops offered exactly what they were looking for.
With sons Peter and Mark, they attended the first three days of a five-day programme. The programme is delivered at five workshop days held over 12 months, giving participants time to work on various tasks and changes they want to make in between.
Harvey believes business growth depends on introducing the next generation to the business and transferring skills from mum and dad to the children. The children then add the energy to drive the business on the next part of the journey.
Businesses need business skills and Harvey believes this is a great way to harness the varied skills of their family into a business that will benefit them all.
They are enjoying the regular governance meetings where everyone is expected to be honest about their views. The Leach’s next step is to introduce an independent person, creating a safe place where robust business discussions can be held.
Lynette is looking forward to the children stepping up and taking on management and governance roles within the business.
She says Peter is an accountant, so doing the farming accounts would be a good fit for him. Mark has great practical skills and along with sister Megan would one day like to actively farm. Their brother David works in the IT industry so could contribute with technology for the business.
“There is a role for them all and for their partners, if that is what they want,” Lynette says.
The cost of the workshops was no barrier for this 151ha business. Harvey and Lynette believe the value is created by what you do with the knowledge and they are already seeing great value and enjoying the involvement of their family.
Katrina Knowles is DairyNZ regional leader for Taranaki.
