They say “never go into business with family or friends” however, this is a natural event in family farming businesses and the agricultural industry.
At BCG’s Future Farmers Expo on July 5, the topic of integrating new family members, harnessing their skills, getting the right business structure and succession planning will be discussed in a panel session, giving attendees the chance to hear from three farming families that have successfully navigated the sometimes stressful subject.
Succession planning has commonly been a topic avoided at the family dinner table and often left up to financial advisors, accountants, solicitors and lawyers. However, there’s also many successful cases of families tackling the issue head on which has led to long-term business success and contented families.
The two fundamental principles of succession planning is to ensure that the family remains a family, and the business continues to survive or moves in a direction where all parties are in agreeance. These principles are based on a foundation of open and clear communication between all parties involved.
An innovative approach to succession has enabled the Cain family from Natte Yallock and Kaye family from Elmhurst to provide an avenue for children and partners to enter the business and provide new skills.
The Cain family brand ‘Dad’s Oats’ was not only a chance for two siblings working off-farm to participate in the family business, but also an avenue to showcase their primary product (oats) produced by their parents Maurice and Ruth, and brother Matt to create industry awareness, spread business risk and bring in another avenue of income.
The Kaye’s, farmers at Nowhere Creek near Avoca, have also adapted their business to increase capacity to support their growing family, with the food tourism venture ‘Settler & Sons’.
Kirby Kaye will share the intimate story of marrying into a family farm, the challenges it brings but how bringing a new set of skills to the business allow it grow in a way where the family hosts events and provides accommodation on-farm.
Matt Cain will present their family’s story at the Future Farmers Expo to give us an insight into the issues faced by the family along the journey, and how overcoming them as a family has assisted in the successful transition allowing a new generation to come.
Karen Inkster, a partner in the Aubrey & Areegra venture based around Warracknabeal, will share her story about joining a family farm, again bringing in a new skills set such as marketing and advertising to the family business but also helping out other small businesses in the area.
The BCG Future Farmers Expo is at Birchip P-12 School on July 5 from 11am to 5pm. Entry is free for BCG members and $50 for non-members. A tapas style dinner will follow the event from 6pm at the Birchip Hotel, tickets are $30 per person and can be purchased by phoning BCG on (03) 5492 2787 or visiting www.bcg.org.au.
