The Dairy Women's Network has an upcoming workshop series that begins on Monday 9th October that focuses on succession planning. The free sessions aim to help attendees get a better idea of what to think about when going through the process, as well as understanding their options for succession planning, how to navigate common challenges when planning for the future and more.
CMK Chartered Accountants presenter Andrew Darke told REX host Dominic George that clear communication and the alignment of goals are crucial to getting the conversation moving forward.
"The first part about planning is everybody understanding what they're trying to achieve, and probably the common mishap is not everybody being aligned," he said.
"Communication amongst all parties is massive."
The most interesting topic discussed during the podcast was the changing landscape of succession, especially in the context of family businesses.
Darke highlighted that the landscape of succession is constantly changing, especially in the context of a family business. He referenced the fact that it's no longer about the eldest son inheriting the farm, and it's crucial to consider "fair versus equal".
He stressed the importance of financial sustainability for all parties involved and warned against the dangers of delaying succession planning.
"The time for succession is now. Our horror stories are possibly dealing with people in their 80s and 90s. That is definitely putting it off too far."
He pointed out that the viability of the business is essential, emphasising that it's not about burdening the next generation with a financial anchor, but providing them with a thriving enterprise.
"You've got to settle on an objective or an aim that all parties are trying to achieve, and then we move into those varied types of ownership structure."
His words highlight the importance of having a clear aim and solid foundation from the start to ensure a smooth transition.
For those interested in diving deeper into the topic, Dairy Women's Network has an upcoming workshop series beginning on the 9th of October focusing on succession planning. Mark your calendars and don't miss the chance to learn more about this crucial aspect of business strategy.
Listen to the full chat between Andrew Darke and Dominic George above.