The Good, The Bad, The Ugly

Bedbrook Financial Services

Type: PDF
Knowledge level: Introductory

Farm Table says:

Insight into different family scenarios.

This looks at the positives and negatives (and the ugly) of a particular farm succession case study.

The following observations are provided:

  1. Treat family members like non family members. Write down what you are agreeing to, partnership agreements are important.
  2. Longer term equal split of assets may be acceptable – trend
  3. Parents to decide on a course of action early (when they have kids) and communicate that clearly to children.
  4. Not enough businesses are making enough money for the next generation to take over. Too many parents are encouraging children back on to small farms.
  5. Parents and grandparents – tell the family story of hard work involved (especially when children are young.)
  6. Parents wanting to control children (entrepreneurial families) is an issue for second generations
  7. Be honest about what you want and what is important to you.
    1. 2 boys – 1 is there really to protect his interests.
    2. Good partnerships – mutual respect, like, barbecue factor
  8. Get an external person to help.
2013 - Australia - Bedbrook Financial Services
Read ArticleSave For Later

Related Resources