We have all heard dramatic tales about succession planning within family units, but it doesn’t have to be a conversation that everyone dreads around the dinner table. RFCS NSW recommends farming families to have succession planning conversations as early as possible.
“Succession planning is often viewed as a challenging and uncomfortable topic, but it doesn’t have to be dreaded. Starting these conversations early can make a significant difference,” says Craig Hough, CEO of Rural Financial Counselling Service NSW.
RFCS NSW encourages farming families to approach succession planning proactively, ensuring that all members are involved and supportive of the plan.
“Our Rural Financial Counsellors work closely with families to review the financial performance of the farm, build financial skills, and test potential options using cash flows and enterprise budgets” he says.
“We help families consider all parties including parents, children, in-laws, and significant others and that they are treated fairly and respectfully. Our goal is to help our clients understand the steps involved and provide them with the knowledge and tools to navigate this complex process” he says.
To prevent future disputes, RFCS NSW urges families to engage in open, respectful conversations about the future of their farm.
Craigs says, “we recommend starting these discussions now, so there’s clarity and fairness down the line, if needed reach out to a professional, such as a Rural Financial Counsellor for expert support” he says.
RFCS NSW provides free, confidential, and independent services for farmers across the Central and Southern regions of New South Wales. The Northern region is supported by Regional Business Support Ltd.
For more information, please contact RFCS NSW on 1800 319 458.
ENDS
RFCS NSW Media Enquires
Stakeholder and Communications Manager: Kate Anderson
Email: kate.anderson@rfcsnsw.com.au Mob: 0487 731 788
