Friday 23 April 2021
FOOD & FIBRE SHIFTS THE FOCUS TO SUCCESSION PLANNING
Food and Fibre Great South Coast today laid the foundation for the ongoing success of the region at the inaugural Succession Planning Event held at Deakin University, Warrnambool, with around 50 guests in attendance. The event was proudly supported by key partners, WestVic Dairy, Sinclair Wilson, Maddens Lawyers, and Deakin University, Warrnambool.
Through an interactive panel discussion with Succession Planning experts Basil Brock, Fiona Giblin and Mike Stephens, and an interview with Dixie dairy farmer Brad Collins to provide a farmer perspective, guests walked away with a new understanding of the value that Succession Planning brings to food and fibre businesses, and the importance of seeking professional advice early.
“As we work towards the ambitious objectives in our 2021-2023 Growing Our Regional Futures Strategic Plan, we are mindful that our future prosperity depends on the individual success of the thousands of food and fibre businesses in our region.
That is why we are highlighting the importance of Succession Planning to ensure individuals and businesses are planning for success by being future-ready,” said Food and Fibre Great South Coast Deputy Chair, Alistair McCosh.
WestVic Dairy Chair, Simone Renyard said, “Succession planning is a subject that many farm businesses delay as it can seem quite daunting and potentially raise difficult questions. However, having a clear vision of where the business is going is of great benefit to everyone involved, both directly and for extended family. It is a topic that can take a significant amount of time to work through, therefore it is never too early to start the process.”
Brad Collins made the important point that, “Good succession planning recognises that we’re dealing with people before businesses. It’s an emotional process, and my own experience led me away from and then back towards the family business. The experts sharing their advice today will help many farming families get their Succession Plans off the ground, mindful of new and important considerations to include.”
Dairy farmer and Food and Fibre Great South Coast Board member, Oonagh Kilpatrick, provided the closing remarks at the event. She said, “No person, or business knows what’s around the corner but we do know that change is inevitable in our management and in our operating environments. Succession Planning is the one way to prepare for this uncertainty.”
Aligning with the launch of the 2021-2023 Strategic Plan, the Succession Planning Event was a success that provided a local perspective and opportunity to plan and ensure ongoing economic success in the Great South Coast region.
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