Southland farmers encouraged to seek advice on farm succession
More than 50 per cent of sheep and beef farms are expected to change hands over the next decade.
A Red Meat Profit Partnership (RMPP) workshop on farm business transition and succession on March 19 in Lumsden aims to help farmers navigate what can often be a difficult process.
The free workshop will also be very relevant for people joining the sector and aiming for farm business ownership.
RMPP chairman Malcolm Bailey said there was an opportunity to help farmers work through these issues and plan for positive outcomes.
‘’Many farmers have said they find it hard to know where to start the conversation because of the emotional attachment they have to their farms and the tesnions of handling significant assets, often with competing family interests,’’ Bailey said.
A key goal for RMPP was to help farmers through this process by providing information regarding succession options and ownership structures and sharing examples of successful outcomes.
Farmers will be provided with resources and advice to help them explore the range of options available to them as they look at entering or exiting farm business ownership.
Bailey also noted the possibility of linking up people who are wanting to progress in the red meat sector with those who are wanting to exit.
‘’Some farmers have sons and daughters who are not interested in taking over the farm but grandchildren who might.
‘’They want to retire but want to keep the farm in the hope that a family member will take it on.
‘’Leasing the land or taking on a share farming partner who owns the stock are a couple of ways of achieving this.
Bailey said it is also important that retiring farmers can access the capital they require to enjoy life beyond farming.
‘’Good planning is important, and we encourage farmers to think about this well ahead of time.’’
The workshop has been developed following research by RMPP and discussions with farmers, rural professionals and young people keen to progress in the red meat sector.
The March 19 workshop at the Lumsden Hotel is limited to eight farm businesses.
‘‘Many farmers have said they find it hard to know where to start the conversation because of the emotional attachment they have to their farms and the tesnions of handling significant assets, often with competing family interests.’’ - Red Meat Profit Partnership (RMPP) chaiman Malcolm Bailey.
For more information on the workshops including how to register go to rmpp.co.nz