When most business owners think about succession planning, they picture retirement. A gradual handover. A sale. A transition to the next generation. It’s the version we prefer to imagine, structured, intentional and on our terms. This is planned succession. Planned succession is about choice. It forms part of your long-term strategy and forces you to…
It’s hard to think about long-term plans when the short-term feels uncertain. Across South Australia, many farming families are still battling dry conditions, tightening cashflow, and wondering whether this year’s break will ever arrive. And yet, succession planning—handing over the reins to the next generation—can’t wait for perfect conditions.
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.
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.…
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?
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…
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…
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…