Episode 30 – What is the key to successful farm succession?
Farm succession is something that affects every farming family at some point – whether it be from parent to child, or outside the family unit, there are many ways to approach it, and definitely no silver bullet.
Hear from three people who know succession’s in-and-outs best:, a farmer currently in the succession process; a rural banking expert; and a family succession planning consultant.
Guests include:
- Hugo Beamish, farmer, Awapai
- Aiden Gent, General Manager (Rural), ASB
- Bob Seldon, Senior Consultant, Family Business Central
Hosts:
- Rebecca Greaves, Editor, Country-Wide
- Sarah Perriam-Lampp, Managing Director, CountryWide Media
Hawke’s Bay farmer Hugo Beamish has recently returned to the family farm to begin the succession process with his parents, after previously working as an engineer. He discusses all the different options they’re looking at, how they’re navigating making decisions with his off-farm siblings in mind, and where he’s finding advice – both from his father Simon, and by immersing himself in the world of farming.
Read Hugo & Pip’s farm succession story in Country-Wide here
ASB’s General Manager for Rural Aiden Gent, says the biggest piece of advice they have is to talk – a simple suggestion, but a vital one. Whether that be with your advisors, friends, family or bank, it’s important to have those conversations to get the best results from the succession process. He also suggests some different ways farmers can start looking into resilience and diversification in their farm businesses.
When it comes to the saying “what’s equal isn’t always fair”, Family Business Central Coach Bob Seldon says it comes down to much more than just money; it’s time investment, knowledge and expertise. He also advises against having meetings about succession and the farm business around the kitchen table – he suggests finding a cafe or meeting room in town so there’s a clear definition between family and business conversations. He shares his best tips for a successful farm business transition.
