Succession Planning
How it Works - Succession planning for farming families
Succession planning is a critical element in ensuring a family agribusiness survives the test of time and the family’s wishes are achieved. Finding time to talk about a succession plan can be difficult given everyday business and family challenges and it is often a potentially sensitive topic.
Louise facilitates the process from start to finish, helping your family communicate openly, work through your goals together, and arrive at a plan that suits everyone’s needs – coordinating with your legal, financial and other advisors to bring it to life.
Solutions, not confrontations
Farming families value relationships and tend to prefer solutions, not confrontations. Possessing the skills of a mediator allows Louise to foster a less adversarial approach when working with families. Non-confrontational, solution-based succession planning is vital for families who need to continue to work and live together for generations to come.
Successful planning involves working with families to achieve personal, family and financial goals for each generation.
Research consistently shows that families who begin succession planning early achieve better outcomes – financially, personally and for the long-term future of their business.
Louise’s background as a Lawyer, CPA and agribusiness operator gives her a genuine understanding of both the business complexities and the family relationships involved – making her a more effective facilitator at every stage.
Louise’s skills as a previously Nationally Accredited Mediator assist families through the intergenerational transition by providing direction and clarity of goals, increased financial awareness and security, and increased opportunities for the business.
Early planning leads to better outcomes
- Families who start succession planning early achieve better financial and personal outcomes.
- A clear strategy assists in the prevention of misunderstandings and legal disputes.
- Proactive planning ensures a smooth transition with minimal business disruption.
A Step by Step Approach: Planning for Generational Succession
STEP 1: What does your family want to achieve?
This step involves gathering information, establishing each family member’s needs and goals, and identifying the key issues that need to be worked through.
By utilising her mediation, legal and accounting skills, Louise can assist each of your family members in having a say regarding their needs and goals.
This environment makes it easier for various family members to ask tough questions and creates a platform to discuss what the family wants to achieve.
STEP 2: Generating options and solutions for your family
This step assists in building the foundations for how your family can work together towards a common goal.
With a clear picture of your family’s goals, Louise facilitates the process of exploring options and building workable solutions, drawing on input from your legal, accounting and other advisors where relevant. Options are brought together in a clear and considered way for your family to review, discuss and agree on.
When recommendations are finalised, you will be ready to implement your plan.
STEP 3: Making your succession plan happen
Once your family has agreed on a plan, Louise coordinates implementation alongside your legal and other advisors. The agreed arrangements are typically formalised through a Deed of Family Arrangement – the formal record of your family’s succession plan
STEP 4: Estate planning
A succession plan is only complete when estate planning is in place.
Louise will coordinate with your lawyer and other relevant advisors to ensure estate planning is properly integrated, including: Wills, Powers of Attorney, Advance Health Directives, Binding Death Benefit Nominations.