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Business transition: ensuring everyone wins
Over the coming editions of Farming Ahead, Next Rural will be examining the challenges of farm succession from the perspective of the current owners (generally mum and dad). This means balancing the needs of parents seeking a secure financial retirement against the needs of their children, including those staying on the farm compared to those that are seeking off-farm opportunities.
When it's time for the family farm to pass from mum and dad to the children the most significant obstacle is balancing expectations.
What this boils down to is looking after both the interests of the children staying on the farm as well as accommodating the needs of children moving away from any involvement in the family business.
It is this potential conflict of interest that creates what is called