How to hand down the farm from one generation to the next

Help is at hand for Goondiwindi farming families wanting to discover how to transfer their farms from one generation to the next.

There will be a free workshops run by AgForce and National Australia Bank (NAB) at the Fairway Function Room, Golf Club from 3pm – 5pm. on Monday, May 21. AgForce Southern Inland Queensland Regional President Robyn Bryant said with the average Queensland farmer now 56 years-old, 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,” he 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 the farm now and across future generations.”

NAB’s John Avent said successfully moving from the current ageing population of farmers to the next generation was one of the big challenges facing agriculture.

“I encourage all producers to start the conversation with their families now,” he said.

“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 workshops run for two hours and will be held at:

The Fairway Function Room, Goondiwindi Golf Club, 3pm – 5pm, Monday 21 May.

To register and for more information, visit https://bit.ly/2q08WuL or phone 0488 002 091.