Succession Planning Workshop FAQS
We are excited to bring our next round of Succession Planning Workshops to WA in 2023!
WHAT WILL I TAKE AWAY FROM THIS SUCCESSION PLANNING WORKSHOP?
This Succession Planning Day is designed to equip you with a range of ideas and tools to help get you started on the process of mapping a future for your farm business and your family.
You will identify some clear steps and tasks that need to be taken to prepare for succession planning, and who you may need to involve and engage in the process to get started.
There will be time to hear how other families and businesses are approaching their succession planning, and opportunities to share experiences and ideas to address some of the challenges.
By the end of the day, you will have built a list of actions and a timeline to help you keep on track once you get home.
You will leave the day with a clearer idea of where you want to head with planning for succession for your family, but to build your individual Succession Plan your first step will be to work on achieving the full engagement and involvement of all of your family members and farm business advisory team to complete the picture and the detail required to achieve a shared vision of what the future may look like for all the family.
There will be an emphasis on positive language in the workshop and we ask you to try to do the same: we want to provide a path forward, the tools to help you get there, and find outcomes that support happy and harmonious families with a clear view of their future. Our goal is to change the conversation around succession so it is seen as a positive and essential part of the management tool kit for any thriving business and family.
WHO IS THE SUCCESSION PLANNING WORKSHOP DESIGNED FOR?
Succession is all about planning for change or transition within a business and the family, and it usually requires a family member to be the ‘change agent’ to initiate the conversation and get the process underway.
That can be difficult to do as an individual, so we encourage more than one family member
to attend this workshop to build broader understanding in your family group, help get everyone on the same page and understanding the language and steps required for succession planning, and provide support to keep the process on track even through the busy farming cycles.
It takes effort to continue to drive the succession process, so bringing a co-driver along with you will make it easier to get traction with your succession plan.
As with any Rural Edge workshop it is
valuable to have diversity in both gender
and age groups as this enhances the learning opportunity and expands our understanding of other’s perspectives.
We encourage participants to have first completed the Rural Edge Farm Finance for Performance workshop as this provides a solid background in understanding your business structures, farm budgeting and farm financial analysis.
Other key questions that will be addressed throughout the day include:
- What does succession planning involve?
- What are the business and personal goals of your family members?
- How are intergenerational differences impacting your family dynamics?
- Can you identify and separate the issues so the needs of all family members are addressed?
- Is your business in a financial position to meet the business and personal goals?
- What is your business structure and the legal and tax implications of change options?
- Can your family support. Business transition with open communication and formal meetings?
- How can your business advisors assist in the succession process?
- How do you get started?
The day is broken down into four easy to digest sessions:
- Why Start a Succession planning process – understand the benefits
- Separate the issues and discover the facts – build a complete picture of farm and family
- Set your objectives and identify the steps to build a succession plan
- Identify the people and tools to support your succession planning & build an action plan – to get you started and keep you on track
This workshop will give you tools and skills to work through a staged process to develop a succession plan and to incorporate ongoing succession planning and review into the suite of business skills you will need to use for your business to thrive into the future.
Click here to register for your preferred location and keep your eye out for more dates and locations to be added in the future
Three Springs - 3rd August 2023
Dandaragan - 10th August 2023
Newdegate - 19th August 2023
Wickepin - 5th September 2023
All Rural Edge members are eligible for a 10% discount.
Contact firstname.lastname@example.org for any questions about