Planning for Prosperity presents succession planning to EP farmers

Succession Planning at EPIC Grain ExpoLast week we spent the week on the Eyre Peninsula, presenting to farmers on the topic of Succession Planning at the EPIC Grain Industry Expo.

EPIC Grain Industry Expo

We began in Ceduna on the Monday and moved to a new district each day, stopping off in Warramboo, Kimba and finishing up in Cummins.  The expo featured 11 different speakers covering various different topics that farmers would find valuable for their businesses.  Over the course of four days, we presented to over 200 growers from the Eyre Peninsula and Mid-north regions.

Eyre Peninsula Integrated Commodities (EPIC) is an agricultural brokering service that farmers can use to easily sell their grain.  The main focus of the expo was to hear from a number of grain marketing companies that EPIC work with.  For many farmers it was a good opportunity to meet the representatives of who they have been selling their grain to.

Succession Planning – Key for farming families

Given our specialisation in advising farming families, we were invited to speak about succession planning and the importance it plays in ensuring that everyone gets the outcome they want without destroying close working relationships.  From our experience, succession planning is often talked about but rarely acted upon because nobody knows where to start.  Those who do want to act are too close to it and can be seen to have an alternative agenda or ‘gold digging’ for personal gain.  It is a team effort and everyone must be on board.  From our experience it has to be driven by someone external who is willing to listen to all parties involved and has no vested interest in the outcome.

We lept at the opportunity to be involved in this expo as we already work very closely with farming families across the Eyre Peninsula, Yorke Peninsula and Mid-North regions and felt we have something valuable to offer.  Please feel free to download a copy of our presentation here: Succession Planning for Farming Families.

The week finished with a great dinner at the Port Lincoln Hotel on Thursday night.  The following morning, Bob and I were invited to tour the Viterra port storage and handling facility.  This was an eye-opening experience for us to see the grain arrive on trucks and get tested before being loaded on to vessels.

This information is general information only. You should consider the appropriateness of this information with regards to your objectives, financial situation and needs.

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