Providing the tools to tackle succession

Facilitator Jim Benson with Jules and Andrew Orman, Mullaley at Rabobank’s Business Transition and Succession Planning Information Sessions. 

Business succession is fundamentally one of a farming family’s most significant challenges, and while a plan executed can be a cause for celebration, succession failures are folklore across many farming communities.

Understanding the complexities underpinning farm succession is crucial, and providing the tools and knowledge to help navigate challenges forms the foundation of Rabobank’s Business Transition and Succession Planning Information Sessions.

The complimentary workshops form part of RaboElevate’s suite of opportunities to build skills and knowledge, and are delivered nationally through the Rabo Client Councils.

Designed to provide a starting point for those embarking on farm succession, to date over 1200 farmers have attended the workshops, and facilitator Jim Benson believes it’s never too early to start the conversation.

“There’s nothing more important than starting the succession planning process while you’re still able to actively shape the outcome. The main things people want to know when they come to the workshops are where do you start, and how do you achieve an outcome that works for both the family and the business?” Jim says.

While the financial transfer of an asset is tangible, family harmony cannot be reflected on a balance sheet, and despite having no dollar figure, Jim says this cohesion is overwhelmingly a priority.

During a workshop recently held in Narrabri, NSW, Jim outlined the objectives of succession planning, the planning process, understanding the key elements, and the ingredients required for a successful outcome. 

Jim Benson provided practical and comprehensive information, and case studies, to help local families start their succession journey. 

Leveraging his expertise from 40 years in business management and financial services, and as the CEO of a specialist succession planning organisation, the use of real life examples and case studies provided practical insights – and cautionary tales.

“Succession can impact a person’s legacy – the way you’re remembered is important, and no one wants to work their whole life and finish with an outcome that damages family relationships, particularly in this day and age when there is so much information and support to help ease the transition.”  

To start the process, Jim emphasised that everyone in the room must feel safe to say how they feel, and avoid conversations being dominated by the strongest personalities.

“A measure of success is whether families have additional confidence and clarity compared to when they started the succession process, and also that they’re not increasing the potential for future conflict."

“The transfer of assets and ownership is important, but it is only one part of the process. A successful transition also needs to consider people, management, decision-making, financial security and family relationships.”

“The idea of a ‘before’ and ‘after’ succession can create unnecessary fear. Families naturally question what happens afterwards, or how they can possibly predict the future, but succession is not a single event – it’s a managed process of transition over time.”

Crucially, Jim says, succession requires a structured framework within which change can take place.

“The earlier the better when it comes to setting up a family council supported by a family charter – having a formal structure is really important as it builds degrees of separation from everyday life, and taking the pressure of parents.”

Jules and Andrew Ormond with Jim Benson and Rabobank's Sophie Clyne in Narrabri.

Practical examples of structures – and what to be wary of in relation to trusts, stamp duty and Capital Gains Tax was also insightful, with Glenn Innes mixed grazier Jodi Burey expressing that the workshop was the best she’d been to.

 “We’ve gone to a few different succession planning information days and this one would have to be the most clarified session I’ve been to. It unscrambles a lot of question marks which helps moving forward,” Jody says.

Susan and Richard Marshall from Rowena also found the workshop insightful, with Susan reflecting on the couple’s own transition, over two decades ago.

“It was 25 years ago that I went to a succession planning course with my mother-in-law, and I noticed today how young everyone was, people are planning earlier – when I did it 25 years ago the room was full of people in their 80s only just starting the conversation, which really demonstrates how far we’ve come in this space.”

Ian and Jodi Burey gained great value from the workshop.

The next Rabo Client Council Business Transition and Succession Planning workshop will be held in Griffith on Wednesday, October 28 from 8.30am to 2pm.

The session is free of charge, and available for all farmers.

Workshops will again be held across the county in 2027, with dates to be released early next year. To register your interest in upcoming workshops in your area: AU Succession Sessions: Business Transition & Succession Planning | Register Your Interest