Helping Western Downs Farming Families Plan for the Future

Farming families wanting to learn more about how to transfer their farms from one generation to the next are encouraged to attend a free workshop being run by AgForce and National Australia Bank (NAB) Agribusiness in Dalby next week.

AgForce South East Queensland Regional President Carolyn Stone said with the average Queensland farmer now 56 years of age, many families were having discussions about transferring the ownership and operational responsibilities of their farms to the next generation.

“Agriculture is Australia’s fastest growing industry and global demand for our high-quality food and fibre is on the rise, but we need to reduce the barriers to generational change to ensure new people keep coming through to keep our regional and rural communities vibrant,” she said.

“Succession planning has both its opportunities and challenges, but done right, the process can create confidence and certainty for everyone involved.

“The decisions made can help maintain family harmony, protect assets and have a long-lasting, positive effect on farm businesses now and across future generations.”

NAB Head of Agribusiness, Qld and NT, John Avent: “I encourage all producers to at least start the conversation with their families now, so there can be a managed and successful transition.”

Local primary producers attending the workshops will have the chance to listen to and speak with a range of experts from NAB, their succession planning partners Next Rural, McCullough Robertson and FTI Consulting will be on hand to provide practical strategies and advice.

“Topics discussed will include the need for planning in today’s agricultural market, the transition process and legal considerations such as family and business structures, shareholder agreements, minimising the risk of estate litigation and potential distribution under trusts.”

The free, two-hour workshop will be held at Dalby Rural Supplies, 18080 Warrego Highway, from 4pm to 6pm on Tuesday 21 August.

To register and for more information, visit the ‘Events Calendar’ on AgForce’s website at https://bit.ly/2MtmQgp or contact Phillipa Houston from AgForce on 0488 002 091.

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