At the Deer Farmers Association Next Generation conference in Queenstown, Burdon and Coach Approach director John Redpath encouraged the 60 farmers to feel the fear and start having the farm succession conversation.
Redpath, who has helped 25 families with farm succession planning during the past year, says parents often cop the blame for not initiating the process, but siblings needed to be proactive and step up.
“It’s about what can you do rather than what others should do.”
Many parents held off tackling the issue for fear of what it might lead to, but the same could be true if the topic was continually put off.
He advised families to first come up with a long-term strategy before tackling the structure details.
“Getting clarity is the big thing – both personally and with the business – and then developing a road map.”
Trying to understand each other’s fears and concerns was an important part of the process and often led to the tabling of “white elephant” questions such as "Is there a viable farm to pass on to the next generation?"
These were difficult conversations but discussing them generally led to a better family outcome.
Once a strategy was agreed an action plan could be put in place. Redpath starts the process by talking with each family member to help them to articulate what they want to say before sitting around a table with the rest of the family.
Sometimes a family was happy to take ownership of the plan after one group meeting, although Redpath usually followed up to help keep the process on track.
“Succession never stops – you need to keep reviewing it.”
Starting the farm succession process
- Get the strategy before the structure
- Find an independent mediator
- Engage a team of professionals you understand and trust
- Be mindful of the questions and concerns other family members have
- Keep the farm succession plan live and relevant, and
- Visualise what successful farm succession will look like at a personal and farm business level 10 years on.
