 Pictured above: Craig from Lincolns discusses Family Trusts and Succession |  Pictured above: Owen from Regional Men's Health discusses the importance of relationships when implementing a progression plan |
Succession can be a confusing maze but 24 community members are now more informed after a succession workshop at the Nenke Park Pavilion on Tuesday March 28th. Craig and Tom from Lincolns Accountants Albany and Owen from Regional Men’s Health travelled to Kukerin to facilitate the workshop. Attendees arrived from 6.30pm and were provided with a delicious dinner catered by along came Henry cafe before the workshop began.
Craig and Tom began the session covering the nuts and bolts of succession and the financial/business aspects that may need to be considered e.g. family trusts, superannuation and life insurance. Attendees then followed a case study provided by Lincolns which created discussion and questions.
Owen from Regional Men’s Health then concluded the workshop discussing the importance of relationships, open communication and mental health for both men and women. With a variety of examples, Owen mentioned it can often be the unspoken expectations of family members that can lead to the difficulties experienced. Focusing on the ‘people issues’ first, Owen shared a few topics which families should discuss before dealing with the financial/business aspects.
Succession/progression can be a difficult topic so thank you to everyone who supported and attended the workshop. Additional thanks to Lincolns Albany, Regional Men’s Health and along came Henry Café. Though organised by the CRC, the event would not have been possible without the sponsorship from Regional Men’s Health – thank you!
A few succession/progression tips from the workshop:
Craig and Tom began the session covering the nuts and bolts of succession and the financial/business aspects that may need to be considered e.g. family trusts, superannuation and life insurance. Attendees then followed a case study provided by Lincolns which created discussion and questions.
Owen from Regional Men’s Health then concluded the workshop discussing the importance of relationships, open communication and mental health for both men and women. With a variety of examples, Owen mentioned it can often be the unspoken expectations of family members that can lead to the difficulties experienced. Focusing on the ‘people issues’ first, Owen shared a few topics which families should discuss before dealing with the financial/business aspects.
Succession/progression can be a difficult topic so thank you to everyone who supported and attended the workshop. Additional thanks to Lincolns Albany, Regional Men’s Health and along came Henry Café. Though organised by the CRC, the event would not have been possible without the sponsorship from Regional Men’s Health – thank you!
A few succession/progression tips from the workshop:
- Progression is not just a business transaction, it is primarily about relationships!
- Be willing to compromise, everyone involved should be around 90% happy
- Review your plan annually
- The succession document does not need to be long, 1-2 pages at most
- Draw a family business mud map and family tree of who may come back to the farm
- All family members need to be involved, children on and off farm and their husbands/wives/partners (if applicable)
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