FAMILY succession planning in the agricultural industry isn’t a simple process.
Passing the family farming or livestock production business on to the next generation is fraught with taxation and legal implications as well as the emotional stress of possible family disagreements.
The Rural Financial Counselling Service SQ (RFCSSQ) has arranged a free workshop in Goondiwindi on Wednesday, September 9th for primary producers dealing with the issue.
The event features Succession Planning consultant, Mark Westcott, Strategic Evolution; solicitor, Michael Cowley, Fox and Thomas; accountant, Alinna Bourchier, Insight Accounting & Finance; banker, Gavin Pontin, NAB and local rural financial counsellor, Nicole Gamack, RFCSSQ.
“Succession planning involves a lot of detailed preparation and relies on effective communication,” Miss Gamack said, “It’s an area a lot of primary producers are already looking at or know they will have to be in the future.”
The event includes a free two-hour workshop with succession planning specialist, Mark Westcott, designed to walk primary production business owners and their families through a detailed introduction to the succession planning process, aspects to discuss with family and some examples of issues and solutions.
“Sadly succession planning can end with family breakdowns and financial strain, we’re hoping events like this alleviate some of the stress and allow everyone to focus on positive outcomes and compromises that suit everyone,” Nicole said.
The Rural Financial Counselling Service SQ offers free, confidential, impartial financial counselling to primary producer and small business owners facing financial hardship.
To register for the event or to contact the service, visit www.rfcssq.org.au or phone 07 46 22 55 00.
Posted August 27 2020