That means Flexibility, Awareness, Creativity, and Time, he told the Australian Dairy Conference in Geelong earlier this year.
He said 25% of dairying businesses in the Victorian dairying area of Gippsland operated under a sharefarming or leasing arrangement and moving on to ownership involved a lot of time and planning.
Both older and younger generations might need to alter their plans to reach a successful conclusion to negotiations, by delaying their ambitions or giving more to fit the other party’s timeframes.
Harms said other siblings, farming and non-farming, could be one of the most difficult hurdles to cross. Rivalries, tensions, and large obstacles could be unearthed in the discussion process and these needed to be overcome by all involved.
“We all hear and laugh at times about the dreaded in-laws but the reality is there are often valid reasons for their concerns, feelings, and input into the process,” he said.
It was wise to add these concerns and points of view into the succession mix.
Creativity could be the difference between one succession plan working and another, very similar one, falling over.
“Be prepared to listen to how others have made it work, what elements worked and what didn’t, and what pitfalls and successes they had,” he said.
“Your succession plan may be a collage of many different succession plans all melded into one, that is relevant and effective for your situation.”
Time was also needed.
“Rushing to a solution may not give the best outcome and in fact may create a mess for others to unravel at a later date, possibly at significant personal and financial cost.
“If you try to rush it you won’t get it right.”
