Published on 18 Oct 12
by TASMANIAN DIVISION, THE TAX INSTITUTE
Succession in a family farming business is a complex juggling of the needs and wants of the “retiring” generation, the new farmer(s) and their partners and often siblings of the new farmers who will not be farming in the future.
This paper includes a case study and the author’s experience of:
- a framework for a successful succession process
- the importance of defining succession versus estate planning
- why people matter most and the importance of developing family culture and philosophy early
- importance of timeframe
- balancing flexibility and fairness
- importance of agreements and education on the future implications of any agreed outcomes.
Andrew Beattie is a Director, CFO and Consultant at ProAdvice Pty Ltd which is an integrated consulting and accounting firm with offices in Launceston, Victoria and South Australia. Seventy per cent of ProAdvice clients own farming businesses and 95% of the remaining clients have a direct connection to agriculture. Andrew
operates specifically as a consultant and “Chairman of the board” to 40 farming families. These clients range from specialist intensive crop or dairy production to broad acre cropping and grazing. Key consulting roles include input into: strategy, business analysis, risk management and succession. Andrew has over 20 years experience in consulting, starting his career with the Tasmanian DPI, before moving to private consulting in 1995. Andrew holds a
Bachelor of Agricultural Science from the University of Tasmania and is a member of the Australian Institute of Agricultural Science and Technology.
- Current at
04 October 2012