Family shares top tips for succession plans
Learning to plan ahead
❝It was daunting (at the time) because we just thought ‘oh my god, this has the potential to split the family’.
— Brett McCamley
BRETT McCamley can still remember the feeling when he sat at the table with his parents and two brothers to discuss the future of their family farm.
That was nine years ago today, but it’s vivid in his mind as settling in for a succession planning meeting had scary thoughts like “could this split the family” running through his mind.
Two weeks ago the Rural
Weekly reported on the need to open up discussion early for succession planning – we sought the seven best tips from an industry expert about the process.
This week, Mr McCamley generously shared his story on the sensitive subject, as in a few years time he will settle in for another meeting with his family.
However, this time it won’t be with his brothers Steven and Glenn, it will be with his daughters Cheyenne and Montana.
“It was daunting (at the time) because we just thought ‘oh my god, this has the potential to split the family’,” he said.
“We all left with a bad taste in our mouths but after 18 months we had another meeting and we were all feeling a lot better and happier about the situation.”
He described the process as “opening the closet” on the future.
“It showed us the possibilities of what could be or what could happen,” he said.
Mr McCamley said having conversations with people going through the same process helped.
“The Fern Hills property was settled in 1884 and we didn’t want to just let it go,” he said.
“Friends of ours were in very similar circumstances so we spoke to them and got some advice.
“We’re really thankful for the tips we got from them.”
He said one of the most important pieces of advice he received was to never be afraid of getting a second opinion.
“After the first family meeting we all had our next meeting with a different planner,” he said.
“We had better options and everything was broken down better so we could all understand.”
After taking over the family farm, Mr McCamley said it really made him stop and think about the years ahead.
“I worked on the property for 20 years and only ever thought about what I was going to do next weekend,” he said.
“But you get to a point in time where you think ‘I’m getting older now and my options are a little more limited’.
“So now I stop and think ‘where do I want to be in five, 10 or 20 years from now’.”
Mr McCamley said after he and wife Janice took over, they began to have a conversation about the future with their two girls.
“We gave them a rough idea of what we wanted to happen,” he said.
“But we did tell them we had no expectations of them.
“They’re both keen and love the cattle, their horses and the land but if in the future their destiny lies elsewhere it’s about their happiness.”
Because of their recent experience, he said having the conversation was easier.
“The only thing that really surprised them was we were willing to come out and talk about it,” he said.
“After we spoke with them they said ‘you’re going to be around for a long time yet’.
“We never know these things whether something happens or we decide to retire down the track.”
He said the most important thing for succession planning was for farmers to have open communication with their family.
“Our girls have been a big part of our business since birth, we’ve never tried to hide anything from them,” he said.
“Just because I’ve lived here all my life doesn’t mean I always have the best ideas and they pull me up on it if I don’t, it’s great and it’s taught me to be a better communicator.
“You need to make sure everyone is comfortable with the decisions being made and if they’re not, find out why.”
Mr McCamley said while communication is a must, trust can be a problem among other families talking about the process.
“We all said to mum and dad ‘you’re going to have to trust our judgment’,” he said.
“In the end if you can’t be honest or trusting you can’t have that open line of communication.”
He said it’s important farmers have the conversation with their families.
“When you get married security becomes a big thing,” he said.
“Then when you have kids it’s not just about your future anymore – it’s about theirs as well.
“Having kids was the big thing that made us want to start looking at succession planning.”
Mr McCamley shared his advice for farmers thinking about starting the plans for the future of their farm.
“Sit down with the whole family – siblings, their partners, mum and dad,” he said.
“Start opening those lines of communication is another big thing. Also don’t be afraid to speak to others who have been through the same process and get advice from them.”