Lightening the load: Building personal and business resilience

Lightening the load – building personal and business resilience

Running an intergenerational farming business goes hand in hand with unpredictable production outputs, fluctuations in income and other financial and seasonal stresses. Being at the mercy of so many external factors can also lead to more personal stresses, such as feeling overwhelmed or a fear of failure.

‘Healthy, wealthy and wise’ isn’t just a saying – it’s now well known that your personal and financial wellbeing are closely intertwined.

The good news is, there are some everyday actions you can take to help build both personal resilience and a more resilient business.

Aged Care Financial Planning

Aged Care financial planning for Farm Succession
Don’t leave it until it’s too late…

Retirement and aged care financial planning is complex, but even more so for farming families… Typically, the net worth of the retiring generation is tied up in the property and farming business, there is limited superannuation savings that can support retirement and aged care needs, and often no entitlement to social security safety net benefits.…

Hindsight is 20 20 Vision

Farm production planning comes with significant stress in terms of maintaining farm business sustainability and achieving profitability, and the fact is, a poor decision can have significant impact on your bottom line for years to come.

What if you could make more informed decisions about production efficiencies and understand the financial impact of different production or planting/stock options before you made decisions – would it help you to achieve better outcomes this year?

FSSA 5 Steps for Succession

Great Expectations – Setting Expectations for your Family Succession Plan

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…

Sharing the load – Using an advisory board to make the most of what you’ve got

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…

A voice at the table – a practical tool for farming businesses

For the younger generation of many family farming businesses, involvement with the farm may mean working without receiving any ‘real’ income. These family members often secure paid employment outside of the family business to enable them to provide for their immediate families in the short term. While working outside of the family business is often…