I enjoyed getting out with the crew from Resource Consulting Services and Entello Group for another succession and continuity roadshow last week, this time for Mitchell, Miles and Goondiwindi.
Fantastic inroads were made with many of the participants in relation to the importance of early planning and communication. Most of the participants labelled the day "priceless" and some of the comments and feedback we received from the roadshow sessions included:
"Very informative and interesting"
"Invaluable to have people who have succeeded in using the process"
"Great introduction to facilities to help with process"
As with our previous roadshow in central Queensland in February of this year, it is was very eye opening for both generations participating in a workshop session identifying the aims of the "older" generation and the "younger" generation. As with every one of the sessions that have been conducted to date, the top aims for both generations in relation to desired outcomes of succession planning very closely reflect each other, with financial security and family harmony often at the top of the list for both generations.
Achieving a successful succession of a rural family business, with the older generation able to retire comfortably and the younger generation able to take on a viable business, is crucial to achieving the goals both generations continue to indicate are a priority. To achieve this requires careful, and often long term, planning and honest communication about needs and expectations. Practical examples of both the good and the ugly of rural succession planning from the Lawrie family and Claudia Power and John Moore of RCS was again invaluable in helping to get this message across. Entello group also discussed some very insightful options to enable off farm investments to assist in funding parents' retirements.