Planning is in every aspect of our lives, and as we creep towards a new chapter, the better we plan for it, the more control we have over our future. Everything we do in life has a plan; a dietary plan, students have a study plan, football coaches have a game plan, and many of us write out a daily plan to help keep focused. But it is surprising how many people run a business without having a business plan, and even fewer have a retirement or succession plan, which is often the most important plan of all. 

Succession planning is more than just passing on the farm; it’s about securing your legacy and shaping the future of your farm business. As a farmer, you’ve invested years of hard work, dedication, and passion to nurture your land, and to build your farm business. Now, it’s time to ensure that your efforts continue to bear fruit for generations to come. 

A well-crafted succession plan acts as a roadmap for the future of your farm. It outlines how management and ownership will transition, typically from one generation to the next. This plan is crucial even if you don’t have a clear successor in mind, as it helps “disaster-proof” your business against unexpected events like sudden resignations, retirements, or other unforeseen circumstances that could have huge implications for your farm, your legacy and your future. This proactive approach not only safeguards your business but also secures your dream future. It but can also provide an opportunity to shape the future narrative of your farm business. more control over the outcomes, allowing you to shape the farm’s future narrative while preserving your legacy. 

This series, ‘Your Legacy, Your Future Narrative’ is a series of informative articles that help raise awareness of the importance for all farmers to have a succession plan, even if there is nobody to take over the farming business. In the coming articles, we will explore the key elements of a succession plan; guide our readers through a practical step-by-step process for developing a succession plan and provide other tips and links to support you.  

Sometimes, having a third party not emotionally tied to the situation can help put perspective and provide professional guidance while alleviating stressors amongst the family, solving problems more effectively. 

Remember, it’s never too early to start thinking about your farm’s future and the legacy you want to leave behind. By planning now, you’re taking control of your future story. 

So, if you are ready to start planning your farm’s future, you can access more information on ‘Your Legacy, Your Future Narrative’ succession planning articles on RFCS Gippsland website, under Our News tab. 

At RFCS Gippsland we have experienced team members that can assist with your succession planning. Call 1300 045 747 or book an appointment online.