A Guide to Succession – Sustaining Families & Farms

A guide to succession: By Judy Wilkinson and Lyn Sykes sponsored by GRDC

A Guide to Succession: sustaining families and farms is in three sections – guiding principles, case studies, and tips and checklists.

The first section of this ‘user-friendly’ publication, offers guiding principles from professionals who may contribute to the succession planning process – an agronomist, an accountant, a lawyer, a financial planner and a generation consultant.

“Farming businesses can often have four generations actively involved: veterans (born before 1946), boomers (1946 to 1964), generation X (1965 to 1977) and generation Y (1979 to 1994),” Judy says. “Understanding the different motivations, characteristics and needs of these groups is essential for constructive planning to occur.”

The case studies are drawn from real life experiences. Each one explains why the family came together, provides a diagrammatic representation of the family, lists assets and liabilities and details the agreements made by the family and their comments about those agreements. The final section provides tips and checklists to help in the initiation, development and implementation of a plan.

Judy and Lyn see the book as a resource to help ‘break the ice’, to stimulate and support communication about succession planning, and to help increase understanding. But they say it is not a ‘recipe book’ of ready-made succession plans.

Price: $13 inc postage in Aust.