WEBINAR: FARM SUCCESSION PLANNING

VIDEO: Interactive Interview: Farm Succession Planning

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Managing the succession process to divide amongst family members – each with different expectations and abilities – is not always a straightforward task. Ensuring the farm remains equitable and economically worthwhile for all involved requires planning, communication and possibly negotiation and diplomacy. So, how to best approach succession planning in your family?

This tutorial covers:

  • How to start the conversation with family – and how to keep it open and constructive
  • Exploring and aligning goals and working together
  • Financial and legal transparency
  • The importance of having an up to date will, and powers of attorney
  • Establishing and maintaining good governance
  • The legalities – setting up a family trust
  • If things sour – who can help you?

 Thanks to our experts:

Zoe is joined by two fantastic expert panellists to help navigate this issue – National Manager Succession Planning, Kim Lee and solicitor, Katherine Vincent.  

About Kim:

Kim Lee is one of Rabobank’s Succession Planning Facilitators and has extensive experience in working with rural farming families to achieve personal, family and financial benefits for each generation.

After working with family businesses for many years, Rabobank recognised the need for a succession planning process developed specifically to meet the needs of our rural clients. Rabobank’s experience in this area has confirmed that families who start the process early, have a much greater chance of achieving a positive outcome for all family members, as well as their farm businesses.

Through a genuine understanding of the inter-relationships between on-farm and off-farm family members, Kim Lee has delivered successful outcomes for many families. These outcomes include direction and clarity of goals, increased financial awareness and security and increased opportunities for the business.

Kim holds a degree in Agricultural Science from the University of Sydney, a Master of Economics specialising in small business management, finance and strategy, a Diploma from the Australian Institute of Company Directors, a Certificate IV in Workplace Training and Assessment and commercial mediation qualifications from Bond University. Prior to joining Rabobank, she lectured in business and management at the University of Sydney and lived on a mixed farming business in the central west of NSW for over 20 years. 

You can contact Kim via email here.

About Katherine:

Katherine is a senior lawyer with Johnston Withers, and heads up their Clare Valley practice in South Australia.  Katherine moved to Clare in 2000 after a year practising in estates, property and family law in Adelaide.  Under her hand the Clare office has built from a one day a week concern to a full-time, thriving, general practice – serving not only the town but also the wider region.  She has many years of experience in working with rural farming families and assisting not only with succession planning issues but also helping families who have been fractured by unfortunate life circumstances such as marriage break up, family disunity, and death.

Katherine prides herself on her service delivery. She has supported her clients through the full range of legal issues that a country practice brings – particularly in areas of wills, estates, property law, agri-business and commercial law (with a particular focus on the food and wine industry).

You can read more about Katherine and contact her here.

With BIG thanks to our sponsors:

This free webinar series is part of a two year regional women’s financial literacy project. Funded by Financial Literacy Australia and generous corporate and industry partners including Rabobank, Financial Planning Association, Australian Tax Office, Insurance Council of Australia and HESTA.

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