Who will own your farm in 10 years?
This question is designed to make you stop and think – instantly conjuring images of the future and the possibilities that lie ahead.
But what if we told you the only way to get as close as possible to your desired outcome is to get proactive about your succession plan? To openly talk about the future with the people who matter and begin the planning process early?
In our most recent blog on succession planning called Succession Planning: An Introduction, we dived into why succession planning is important, the process behind it and the benefits of having one in place, as well as a concept called fair versus equal.
In this article, we’ll focus on what it really means to prepare for the future, as well as how our program Farm Business Success helps farmers just like you.
Succession planning is an important part of any farm business plan, but it’s especially important when it comes to planning for the future and the continuity of your farm business.
Determining what your farm will look like 10 years from now involves a lot of forward-thinking. You might ask yourself questions like:
Big questions like these can’t be answered on the spot. Often, you’ll need to give yourself time to contemplate, have conversations, and then plan.
This is why you’ll often hear us say how important it is to take a step back from your farm so that you can work on the farm business, or as Matt likes to put it, stop working IN your farm so you can work ON your farm.
David J. Goeller wrote in his paper Farm Transition… A three-legged stool, that a good succession plan looks a lot like a three-legged stool. It involves:
Planning for the future requires a proactive approach. Succession planning, when done right, can:
But putting plans like this together can be difficult without the help of experts, and that’s where our Farm Business Success program comes in.
Designed to help you achieve family and business harmony through clarity, profitability, and financial security, the Farm Business Success Program focuses on the long-term goals and strategy that will impact your farm for generations to come.
We work side-by-side with you, listening to your needs and wants and using them as a guide to secure the best outcome for your farm and your family.
Led by Matt Meehan, Farm Business Success offers personalised financial solutions and expert advice to navigate every aspect of:
From legal requirements to strategic planning and implementation, we’re here to support you. With the right plan in place, you can confidently answer the question: who will own your farm in 10 years? Secure your farm’s future today by visiting our Farm Business Success page or booking a call with Matt.
Is diversification really the key to farm resilience? Discover why focusing on what you do best and outsourcing the rest can be a smarter way to build a strong, resilient farm business.
Many farmers dream of building a family legacy, but if the farm only works when you do, the hard truth is that your farm isn’t truly built to last. Leaving a legacy is more than just what’s written in your Will. It’s the ripple effect of the choices you make during your lifetime – the people you involve, the knowledge you pass down, and how prepared the next generation is to carry things forward.
Succession planning is one of the most important – and most difficult – conversations a farming family can have. But what happens when your parents aren’t ready to talk about it? If you’ve ever tried to bring up the topic, only to be met with resistance or silence, you’re not alone.
5 Top Tax Planning Tips for Farmers For farmers expecting a profitable year this financial year, now is the time to start thinking seriously about
Making Super contributions a part of your tax planning strategy is a great way to boost your savings while potentially saving on tax. These 3 super strategies can help you save on tax while increasing your superannuation.
I’m often asked this question when discussing retirement and estate planning with a client, and it’s a difficult question to answer.
Thats why I often turn the question right on its head and ask a question of my own.
