Manawatu workshop discusses farm succession
handing the farm over.
‘‘Talking about succession with family members can be difficult. As a result, succession is not discussed or is discussed in a less than ideal way. And there can be a lot at stake.’’
But he said Rabobank tried to make it easier and it was to help rural families navigate their way through issues in multigenerational businesses.
He said the average age of farmer was around 55, which Hammington said meant many were older and thinking about succession.
‘‘If it is a family conversation, then around the kitchen table works, but if a more formal discussion is needed, we can provide an offfarm venue.’’ He said probably twice a day, he got calls about succession planning and many rural people wanted to know how it could work best.
‘‘These workshops cover some financial literacy – profit and loss as well as different communication styles. it is a lot of fun, but it has a very powerful content.’’
The workshops covered career strategies for the current generations, as well as the next generation’s return and what is meant for the off-farm siblings.
Hammington said farm succession could be a challenging and rewarding journey – but it meant aligning goals, working together and making decisions about the future of the business as well as agreeing how the farm asset could be used and transferred over time.
He said every family was different, so one size did not fit all.
Hammington said he expected about seven families, comprised of about 40 people at the Apiti workshop.
‘‘That’s a good number. People feel they can talk about their experiences. I often split older and younger people up, and later they join up again to talk about their experiences.’’
He said as sheep and beef and dairy farmers got older, they were still passionate about farming, but were happier to stay in.