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Aligning Families Growing Wealth and Protecting Legacies

24 June, 2024

Aligning Families Growing Wealth and Protecting Legacies

Facilitated by Ben Law, of the AgriCoach podcast and sponsored by Rabobank

Succession is one of the biggest threats to family farms, and not getting it right can be extremely detrimental to all involved. It’s a sensitive topic, and one that farmers are increasingly focused on as property values grow, and the importance of protecting what’s been achieved over generations becomes ever more important.

This session, sponsored by Rabobank, will be facilitated by Ben Law, host of the AgriCoach podcast who sees this issue arise often in the context of farming.

“70% of succession plans fail, and the main reason is families treat the symptoms rather than the root causes of the issues, and often leave it too late, for example when a family member is looking to retire,” Ben said.

“In this session we’ll help delegates avoid the three generation curse – two to make it, one to break it – by providing practical examples of where things can go wrong, and how to avoid the most common mistakes.

“It’s important to understand what makes succession work including good communication, trust, making sure everyone’s on the same page, and planning so that we can build positive family culture and stop the failures of succession happening,” he said.

The session will unpack a real life family farming story of succession, warts and all, where participants will open up about both the successes and the challenges they faced.

Rabobank hosted a similar session at the recent Beef 2024 in Rockhampton with the Lord Family, cattle producers from Far North Queensland. Over 200 people joined, indicating just how critical this issue is to today’s farmers. A recording of this session (and a sneak peek at what to expect during this session at Conference) is available here: https://thefinancialbloke.com.au/podcasts01e72/

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