In July, the Royal Commission into Banking shone the spotlight on the financial and emotional devastation faced by farming families affected by bank foreclosures. For me, the hearings of the Commission highlighted what I believe is a lack of understanding about farming businesses and the unique needs associated with securing finance for farming operations or…
One thing that is certain for a farming business is that nothing is certain! When your income depends on factors out of your control, debt becomes a part of life that enables you to fund working capital or expand your business. But when it comes to securing agricultural finance, it’s not so straight forward and…
By Phillip “Dibbo” Dibben “I didn’t think I’d be able to let go, but I have actually enjoyed seeing my kids starting to take over. As we have all worked on the succession plan together, we all agree about the changes we are implementing for the future benefit of everyone. I feel proud that our…
What’s fair is not always equal Strategise By Phillip “Dibbo” Dibben “Five Steps for Succession Success is a collaboration between Kelly Kelly Legal and Financial Services SA.” “We want to be fair when planning our legacy. We have an idea of the big picture and longer-term plans for the family business, and we want to…
With multiple demands on limited resources, managing personal and business finances for farming families is always a balancing act. When you have debt or equipment that needs to be replaced, how do you prioritise putting any excess funds away into super? But if you want to have a tax free efficient income in retirement, you…
Walk a mile in their shoes Identifying everyone’s needs and concerns By Phillip “Dibbo” Dibben “Five Steps for Succession Success is a collaboration between Kelly Kelly Legal and Financial Services SA” “We knew we needed to have some frank discussions but we didn’t know how to engage with the whole family and manage the process…
Taking a Structured approach to Succession Planning By Phillip “Dibbo” Dibben “Five Steps for Succession Success is a collaboration between Kelly Kelly Legal and Financial Services SA” “I feel we have nothing to show for all our years of hard work. The farm will most likely be left to our kids, and while we want…
Less than a week after my wife and business partner Rosalie attended a call back after a screening through Breast Screen Australia, we received the diagnosis of early stage breast cancer. As business owners ourselves we know the importance of contingency planning. As part of our insurance reviews with clients, we live and breathe the…
Great Expectations Setting Expectations for your Family Succession Plan By Phillip “Dibbo” Dibben “Five Steps for Succession Success is a collaboration between Kelly Kelly Legal and Financial Services SA” When you are involved in a family farming business, there’s a lot at stake. Managing the day to day general demands of an intergenerational farm can…
Running a family farming business can be stressful. You’re dealing with market fluctuations, pressure to increase productivity, pests and adverse weather conditions, not to mention the general demands of laying the foundations for the next generation. Caught up in the immediate needs of the business, you may find yourself unprepared for unexpected events such as…