Our Son Has Been Home on the Farm for 15 Years. He’s Starting to Get Impatient. What Do We Do?
Before we start, this could just as easily be a daughter. Every farming family is different. But in this situation it is the son who came home to the family farm around 15 years ago.
He came home in hi...
Farm Succession Planning: Start Before It Becomes Urgent
There is a big difference between something being important and something being urgent.
Urgent things demand our attention now. Important things often don't.
And that difference can have an enormous impact on farm succession planning.
...
Family Farm Succession – The Missing Link Has Been Found!
After more than 25 years working with farming families, we think we’ve finally worked it out.
For more than 25 years, we’ve been involved in family farm succession, and much of that work has understandably been reactive. Farming families ...
If Succession Is So Important, Why Don’t Intelligent, Successful Farming Families Act?
Farming families make complex decisions every day.
They manage multimillion-dollar assets, make decisions about crops, livestock, land, machinery, finance, employees and risk, and regularly invest significant ...
Farm Succession Planning Done Differently: The Succession Ready™ Method
For many farming families, succession planning has traditionally started with the big decisions. Who gets the farm? When should ownership transfer? What happens to the other children? What are the tax consequences? What should...
Two recent AFR articles should be a wake-up call for farming families
Over the past month, two articles have appeared in the Australian Financial Review that I think every farming family should pay attention to. And they are very concerning.
The first, published in July, carried the headline “T...
You know what your farm is worth. But do you know how succession ready your family is?
Farming families measure almost everything. Rainfall, yield, weight gain, fertiliser, fuel, machinery costs, finance ratios, interest rates, land values, debt and equity. We measure because numbers give us infor...
If you've been wondering where to begin, this is your first step.
One of the most common questions I hear from Australian farming families is, "Where do we start farm succession planning?" After more than 25 years working alongside family farming businesses, I've learnt that the biggest obstacle i...
What Every Farming Family Needs to Know About Australia's New Tax Reforms
Imagine receiving a substantial capital gains tax bill after the death of a parent—even though the family farm has never been sold.
It sounds difficult to believe.
However, leading tax bodies, including CPA Australia and...
After more than 35 years helping Australian farming families with family farm succession planning, I've noticed one phrase comes up time and time again.
"We didn't know."
Every family has been different. Different businesses. Different generations. Different goals for the future. Yet despite tho...
Why Farm Succession Planning Starts with Leadership
At Future Farming Families, we often say we have a different approach to farm succession planning.
People often ask what we mean by that.
After more than twenty years working alongside farming families, we've learnt that successful farm succ...
The hidden value sitting on many farming family balance sheets
Last week I sat around the kitchen table with another farming family, working through what had started as a fairly typical farm succession planning discussion.
Like many families, they had been thinking about the future for years. Th...
