With a farm that’s nearly a century old, the Griffins of Westbury should know all about succession planning.
But when it came time for Chris and Jan to start handing the reins over to son Stuart, they knew they needed expert help to make sure everyone – and the business itself – was looked after.
With the help of its farm consultant and financial advisors, the family is now well into a transition program that has seen Stuart and wife Belinda taking control of the business levers, while Chris and Jan start to enjoy the fruits of their labours.
But for every success story like the Griffins, there are tales of poorly managed transition that leave families, share farmers and the business worse off.
Stepping Back – Planning for Succession and Retirement is a one-day workshop aimed at assisting farmers (aged 50 plus years) to consider the options available to them as they transition out of the dairy industry.
Hosted by farm consultant John Mulvany, the Stepping Back day will help ‘get a game plan’ for scoping the next steps of transition or family succession.
The workshop is interactive with content including:
– Helping participants identify strategies to achieve their succession and retirement vision;
– Planning for the transfer of farm business management and ownership using suitable business structure;
– Starting the process of developing a game plan to ensure a smoother succession transition;
– Use of real farm case studies.
For Stuart Griffin, the workshop is the perfect place for farmers who are looking to step back to start the conversation about what direction a business transition may take.
“It would absolutely be the first place to go if you were thinking about it,” he said.
“I’d imagine the workshops would include a discussion about knowing your business, because you need to know that it can support the transition.
“And even if it can’t at the moment, it doesn’t mean it’s not the right way to go, but it might mean you need to do x, y or z to put it in a position where the business can be transitioned.”
GippsDairy workforce co-ordinator Leah Maslen said successful transition needs more than just goodwill to make it happen.
“The previous Stepping Back workshop saw participants walking away with a clearer idea of how to start their transition out of the industry,” she said.
The event will be held at Century Inn, Airfield Road, Traralgon, on Wednesday 19 July from 10.30am to 3pm. Morning tea and lunch is provided.
Book with Leah Maslen on 5624 3900 or leah@gippsdairy.com.au.
