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Assessment in April

#AssessmentinApril

Succession Planning is a process not an event

Meridian Agriculture advisors understand the difficulty of making time for succession planning and are committed to assist our clients through the process, no matter how easy or hard it might be.

Meridian Agriculture works with families to develop a plan for the future. What can this look like?

  • Clarity around who is driving the planning process
  • Individual interviews with family members
  • Close working relationships with your accountant and your solicitor
  • Development of a planning framework
  • Assessment of business viability
  • Discussion and compromise around roles, responsibilities, training needs, goals and desires
  • Plan development, review and monitoring.

For more information about Meridian Agriculture’s Succession Planning services, please download a copy of our Meridian Ag Succession Planning Flyer or visit our Family Business Succession Planning page.

#AssessmentinApril

Meridian Agriculture advisors understand the difficulty of making time for succession planning and are committed to assist our clients through the process, no matter how easy or hard it might be.

The majority of farmers don’t have a well documented succession plan. This leaves you open to the likelihood of a legal challenge.

A plan which exists only in your head will die with you. Plans must be well documented.

Challenging Wills is frequent, expensive and destroys families.

To explore your succession planning options from a farm management and family perspective, contact us on 03 5341 100.

Don’t assume you know what others in your family are feeling or thinking.

The majority of families have not had open and frank discussions about the future of the farm.

Holding a family meeting before you understand the hidden issues and concerns of individual family members can be very destructive.

Contact us on 03 5341 6100 or email info@meridian-ag.com.au for a free copy of our Family Succession Scorecard.

No single individual (Accountant, Lawyer, Financial Advisor, Farm Management Consultant) has all the knowledge and skills required for a successful plan. It needs a team.

Build your own team for succession, farm management, accountancy & legal issues and ensure they work as a team.

Testimonial- You set us up with a sense of achievable outcomes and I am so grateful for that attitude and framework. Your counsel was a worthwhile investment for us.

Don’t leave the succession plan until disaster strikes and a child is forced to come home.

Due to a lack of communication, a 2016 study (by Eastway Chapman & Charles Sturt University) found that 25% of survey respondents said that the process was traumatic and 20% claimed yet unresolved family issues.

Successful succession is highly unlikely without strong, positive communication between family members and from the family to external advisors.

20% of the broadacre farms in Australia will not achieve succession and a happy family unless they start to increase the size of the business now.

Don’t allow your business to carry passengers. Passengers include under utilsed people, rusting machinery, poor quality livestock and poor performing paddocks.

Testimonial- Why did you choose Mike Stephens [of Meridian Agriculture] – Experience. He’s got all the credentials and he was quite easy to work with.

Don’t tolerate poor performance. Poor performance renders successful succession highly unlikely.

Talk to our Team to discuss your business development options. Call 03 5341 6100.