Rabobank regional manager for Riverina and Northern Victoria Sally Bull. Photo: Rabobank.
Southern Riverina farmers will benefit from a free training session that will help them develop skills for assisting with family farm succession and business transition.
The free Rabo Client Council-hosted practical Business Transition and Succession Planning information session is on 14 August in Albury.
Rabo Client Council comprises the bank’s farming clients, who volunteer their time implementing programs that contribute to the sustainability of rural and regional communities.
The interactive and practical session is set to equip farmers with the knowledge of why family and business communication can be difficult, how to improve it, what makes a meeting work, and how to consider differing family goals.
Rabobank’s Rabo Client Council’s food and agribusiness banking specialist spearheaded and funded the free initiative, which will be limited to 30 participants and not restricted to the bank’s clients.
Transition Partners director Jim Benson will present the information session.
Rabobank regional manager for Riverina and Northern Victoria Sally Bull said a successful shift between generations was complicated and managing the transition within a family farming business extended beyond legal and financial considerations.
“Business transition and succession planning skills are crucial for most family farming businesses,” Ms Bull said.
“It involves devising strategies and plans to protect the core of the family farm and secure its long-term prosperity.”
Farmers will be offered insights into how to start the conversation about business succession.
“There will be a chance to explore the key elements of setting up that first meeting to discuss next steps – thinking about management, business, property and wealth transition,” Ms Bull said.
“Tools will be provided to assist in the planning process, understanding family/business conflict and dealing with family issues.
“The information session provides a supportive environment where couples and family members can attend together. It offers farmers a rare opportunity to take a break, away from their daily business demands and engage in shared knowledge.”
Ms Bull said it was crucial to plan succession well in advance as waiting until the last moment could exacerbate potential conflicts based on misunderstandings of individual expectations.
“Through transferring skills and expertise in business transition processes, this information session helps empower farmers,” Ms Bull said.
“They acquire critical tools to create plans for business continuity, helping to ensure the prosperity of family farming enterprises across generations.
“This positive impact ripples beyond individual farms, benefiting rural and regional communities by fostering a robust local farming sector.”
The complimentary Business Transition and Succession Planning session will be held on Wednesday 14 August, from 9:30 am to 2:30 pm at SS&A Albury, 570/582 Olive Street, Albury.
Farmers interested in attending the session must register via Rabobank.
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