By Rural Coach Partner Rob Hewitt.
When we think about farm succession, we often think about transferring the farm to the next generation. But there is so much more to it.
Succession is the transfer of what has been created by one or more generations to the next.
An important element of this is the history, knowledge, and learnings of the senior generation.
This is one of the most satisfying, rewarding, and emotional sessions in many of the Farm Succession Family Meetings that I have been involved with.
Often it is the first time the family has heard the full story of how Mum and Dad have got to where they are today. We ask them to share their life story, warts and all. Share their greatest challenges, their biggest wins, some of those big calls they made which could have gone either way, and what gives them their greatest satisfaction.
It is an opportunity for the children to understand and learn about the legacy their parents have created, just how tough it was at times, and possibly explain why some things happened the way they did.
To conclude this session, we look for the keys to success, and what learnings the children can carry forward into their own lives.
Common themes are: Hard work, Vision, Determination, Passion, Strong Support Team (family and advisors), Priorities, Money Management, Close Relationships, Early Decision Making, Looked for Opportunities, Gave it a Go, Communication, Stayed in Control, Followed their Dream.
These are all great learnings that we can carry into our everyday lives, regardless of what we do.
If you want to learn more about our Succession Planning services, please click here.
