Peace of mind for fam­i­lies

Plan­ning ru­ral suc­ces­sion

Central Queensland News - - ADVERTISING FEATURE | STRATEGIC EVOLUTION -

FAM­ILY suc­ces­sion in the ru­ral in­dus­try is often over­looked or ne­glected –and that can have ad­verse con­se­quences for a fam­ily’s re­la­tion­ships and well-be­ing.

Pre­sen­ter Mark West­cott said a trio of ex­pe­ri­enced ad­vis­ers have come to­gether for a work­shop in Emer­ald on Novem­ber 3, to tackle this dif­fi­cult is­sue, be­liev­ing that ru­ral suc­ces­sion pro­vides cer­tainty, peace of mind and a clear di­rec­tion for both gen­er­a­tions.

Mr West­cott cre­ated a unique suc­ces­sion plan­ning process called “Peace of Mind” which he has fa­cil­i­tated for over 15 years. He will be joined by Tom McVeigh, man­ag­ing direc­tor of Mur­doch Lawyers with 30 years’ ex­pe­ri­ence in busi­ness and es­tate plan­ning, and Peter McK­noulty, a tran­si­tion plan­ning spe­cial­ist with more than 30 years ex­pe­ri­ence ad­vis­ing fam­i­lies on strate­gic suc­ces­sion and tran­si­tion plan­ning.

The three have worked to­gether to help ru­ral fam­i­lies and busi­ness own­ers to plan and im­ple­ment in­ter­gen­er­a­tional suc­ces­sion and in­her­i­tance strate­gies.

“In our ex­pe­ri­ence, a suc­cess­ful out­come for the clients re­quires a co­or­di­nated ap­proach be­tween us, work­ing closely with the clients’ other ad­vis­ers, in­clud­ing their ac­coun­tant and fi­nan­cial ad­viser,” Mr West­cott said.

He said there were a num­ber of rea­sons why fam­i­lies avoided suc­ces­sion plan­ning.

“Many peo­ple find it dif­fi­cult to com­mence a con­ver­sa­tion re­gard­ing ru­ral suc­ces­sion, par­tic­u­larly where that might re­quire dif­fi­cult dis­cus­sions with some fam­ily mem­bers,” he said.

“Most don’t know how to struc­ture an exit plan and how that in­ter­acts with their broader in­her­i­tance strat­egy.

“There are often con­cerns about the time this process might take, its cost and com­plex­ity; and many are un­cer­tain about what their fu­ture will hold af­ter they hand over con­trol of the en­ter­prise to the next gen­er­a­tion.

“In fact, con­cern for their fu­ture once they have handed over the rains of their en­ter­prise was a com­mon con­cern for most busi­ness own­ers, in­clud­ing farm­ers as they ap­proach re­tire­ment.”

The men have de­vel­oped the Ru­ral Suc­ces­sion So­lu­tions work­shop which will be held at the West­ern Gate­way Mo­tel in Emer­ald on Friday, Novem­ber 3 with a cost of $197 for a fam­ily book­ing.

The work­shop will help at­ten­dees to un­der­stand the dan­gers, pit­falls and chal­lenges of es­tate, legacy and tran­si­tion Plan­ning with the chance to hear three ex­perts with ru­ral back­grounds and ex­pe­ri­ence dis­cuss the keys to sim­pli­fy­ing in­ter­gen­er­a­tional plan­ning.

It will cover tips on ef­fec­tive im­ple­men­ta­tion of wills, how to max­imise and pro­tect your Es­tate, and en­sur­ing the right money, goes to the right peo­ple, at the right time.

“This event is an ideal way to be­gin a co­or­di­nated process to adress ru­ral suc­ces­sion in a timely and cost-ef­fec­tive man­ner,” Mr McK­noulty said. For more in­for­ma­tion, phone Mark West­cott on 0418 743 888 or reg­is­ter on­line.

PHOTO: CON­TRIB­UTED

ES­TATE PLAN­NING: Tom McVeigh and Peter McK­noulty.

PHOTO: CON­TRIB­UTED

Mark West­cott and Tom McVeigh

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