Farm succession planning: Getting the basics right

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1 Farm succession planning: Getting the basics right Farm succession is a process of passing on traditions, skills, ownership and control of the farm business to the next generation. Steadily rising land prices, low and volatile farm profits, the need to provide for the retiring generation, and desire to treat all family members fairly while retaining a viable progressive business make the successful transfer of farm assets and management to the next generation more difficult than ever before. A farm succession impacts numerous people and it is important that expectations of everyone involved is made clear early in the planning stages. It may not always be possible for a succession plan to meet the full expectations of all parties so it is important expectations can be managed early on to help maintain interpersonal relationships and avoid future disappointments. Although a farm succession may not occur for several years it is critical that considerable thought and planning is undertaken as early as possible, not only to ensure it is possible to achieve desired outcomes; but to ensure that in the event of an unplanned and sudden event such as the disablement or death of a key persons appropriate actions are taken. Succession is a complex and emotional subject for farming families. Navigating all the barriers takes time, patience, planning and communication. It will not always possible to achieve all desired outcomes, however following the recommendations outlined in this document can help improve the chances of farm businesses developing a plan that everyone can accept. Succession is a complex and emotional subject for farming families. Navigating all the barriers takes time, patience, planning and communication. Key questions Identify what you want to achieve: What retirement lifestyle does the outgoing generation desire? Do you want to succeed the business to the next generation? How will non-farming children be treated? What will succession cost? What capital and income is required to fund retirement of outgoing generation? What capital and/or income is required to compensate nonfarming family? How can you fund it? Can the business performance be improved to provide for succession? How much debt can the business take on without threatening the viability? Can the incoming generation contribute capital to the business?

2 Family factors Business and legal structures Profitability Communication A successful succession process involves completing all sections of a puzzle. The pieces are interdependent with success of each piece being in some way dependent on another piece. Family factors Family Business: Many NZ farms are family owned and operated businesses. Families form strong emotional attachments to the land they farm; a farm is not only a business but a home and a way of life. As a result, it is common for farmers to have a strong desire to pass on the family business to the following generation. A family business can be defined as any business in which business and family relationships have significant impacts on each other (McLeod, p. 3). Successfully managing the differing needs of family members and business interests in a family business can be complicated and conflicting. Fair Treatment: As discussed earlier distributing the value of the family assets equally is not usually possible if the family wishes to retain a viable business. In this situation, the family needs to determine what is fair treatment for everyone involved. Conflicts can arise when individuals within the family feel as though they have received inadequate consideration. Communicating with the children about the financial position and performance of the business helps them to understand the limitations of the business and why equal division maybe unrealistic. History, Harmony and Dynamics: Family history, harmony, dynamics and ability to communicate with one another is unique for every family and has a significant impact on the succession process. In situations where a family is unable to plan for succession due to the way they currently communicate or are unable to navigate conflicting needs and personalities; employing an independent, professional succession facilitator may be beneficial. A facilitator can: Ensure everyone s expectations are established, and managed if necessary. Assist the family in developing rules/ guidelines for family meetings. Facilitate important meetings. Assist the family in establishing conflict resolution strategies. Provide an unbiased and educated opinion

3 Profitability The financial performance and productivity of the farm should be one of the most important considerations when developing a succession plan. A succession plan must be capable of: Providing financial security for the retiring generation. Providing for fair treatment of off farm children. Retaining a viable business for the incoming generation. Currently in NZ there is a trend of steadily increasing land values and reduced profitability on farms. While the farms capital value continues to increase they now generate a much lower return on assets. Because of this it is almost impossible to distribute the asset value of the farm business equally among children, provide for the retiring generation and retain a viable farm business. The model above highlights a significant difference in Economic Strategic planning Strategic planning involves analysing where the business is now, and where the business needs to be in the future to achieve desired succession outcomes. Identifying opportunities for growing and/ or improving current business operations, identifying the risks to the business and developing a plan for how the business is going to get to where it needs to be. Critical analysis of the business s past, current and future financial and productive, position and performance is a crucial for determining if the business can meet the financial needs of the family and remain viable for the Farm Surplus between the top and bottom 20% performing farms in Otago and Southland. The ability of the business to generate a sustainable annual cash surplus is what provides options during succession planning. Analysis shows considerable variation is financial performance across very similar properties. incoming generation. Strategic planning is also about exciting and challenging both the current and incoming generation about the options they have and the The graph below shows what the impact would be if half of the discretionary cash surplus produced by the mean farm was invested for the purposes of succession. It highlights the advantages of beginning financial planning early. opportunities to keep growing and improving the business. The earlier strategic and succession planning begin the more time and options are available.

4 Operational management Having a great strategic plan lays out the direction and focus for the business but this needs to be backed up by operational management and decision making to ensure the new business is walking the talk. For many farm businesses, this may require developing governance processes. Governance may be as simple as scheduling regular formal meeting of existing farm owners to review the farms current and forecasted position and significant short term plans and purchases; or it could be more formal with other parties such as a trusted professional or farming associate. The critical thing is that the business regularly reviews it position, progress and plans towards meeting goals that are necessary to enable succession. Business and legal structures Common business structures of NZ farms are sole proprietors, trusts, partnerships, private companies as well as a small number of public companies. The business structure provides a legal framework for how the transfer of governance, operational control and asset ownership/control to the next generation can be implemented. When making decisions around the business structure and asset transfer, lawyers and accountants play a key role in informing clients, and presenting strategies on how the family may best achieve desired outcomes while preserving as much of the family wealth as practical. It is important for families to identify and communicate their future needs to their lawyer and accountants to ensure the appropriate legal structures and documentation are in place to facilitate these. A key difference between family businesses and non-family businesses is that very few family businesses have formal employment agreements or defined roles within the business. Currently on 60% of NZ farms one person makes all the decisions (governance, management and ownership). Separating and defining the roles of governance, ownership and management can be very beneficial for succession planning for the following reasons: It allows for the incoming generation to gradually take on each role as their skills and experience develop. Provides opportunities for the retiring generation to step away from the day to day operations while retaining a level of ownership and control. Children who wish to stay involved in the business but are not involved in the day to day operations can be involved in the governance of the business. In family business clearly identifying everyone s role in the business and area of control and responsibility can help reduce conflict within the family. Helps to identify what skills the successor needs to develop to be capable of working in the different roles and functions within the business. When designing business structures, it is important to think about the future and how the structure will cope with the potential next round of succession. As properties get larger the structure mat also need to reflect and allow for an increasing separation between land ownership, and the management and ownership of the stock and plant (operational assets). Potentially non-farming family members may remain as land owning shareholders and receive dividends on those shares. For this to be possible there will need to be limitations place on bank debt. Communication Communication is critical to success in any process that involves people. Poor or non- existent communication is identified as the most significant barrier to achieving farm succession. Some of the common reasons for poor communication about succession planning include: Avoidance of uncomfortable topics. Avoidance of having to make difficult decisions about the distribution of assets and control. Assumptions have been made that everyone has the same

5 expectations and understanding of the future for the farm business. Reluctance to acknowledge the need to retire and give up control. Avoidance of conflict between family members. Established family business decision making processes can be difficult to change. Effective communication about succession planning can be hard work, but is critical for maintaining relationships and developing a plan that supports the needs of everyone involved. Holding regular farm business meetings and annual succession meetings is good practise. It creates time for everyone to come together and discuss the business and is a good way to facilitate succession planning conversations. Developing a meeting framework is essential to provide for safe, open and effective communication. Meeting Framework Guidelines: Involve all family members in annual succession strategy meetings. Does not have to be restricted to family, may be beneficial to bring in an independent meeting facilitator to help run the meetings May be beneficial to include lawyers, accountants, farm consultants or trusted family associate in some or all meetings. How to structure the annual succession meeting: Set a time and place to meet, inform everyone. Set an agenda, document it and ensure everyone receives a copy a few days prior to the meeting so they have time to collect their thoughts. Set ground rules for what is acceptable behaviour and language in the meetings. Doing this and sticking to them can be a great tool for managing conflict and ensuring everyone has the option to voice their thoughts and opinions without criticism or interruption. Take meeting minutes. Ensure everyone receives copies of the minutes and has time to review them before the next meeting. Can be beneficial to have everyone sign the minutes to acknowledge they agree with what is documented to reduce chance of future conflicts. Summary of recommendations 1. Start Early: The earlier succession planning begins the more time there is to identify any issues and develop a plan to address the issues. 2. Get Informed: Educating yourself on the potential issues that can occur allows you to approach succession planning in a way that minimise the impacts. Read Keeping Farming in the Family by Ian Blackman or go to the Beef and Lamb website and download their Ownership and Transition Workshop to educate yourself on what is involved in farm succession planning. 3. Start Communicating: Open communication and transparency are important components of effective succession planning. Have discussions with your spouse to clarify what you both want to achieve from succession. Have one on one conversations with other affected family members to find out what they want from succession. These conversations are fundamental to developing a plan that meets the needs of all involved. If you think a third party could be beneficial for leading discussions then you could ask your banker, lawyer, accountant, family friend or a farming contact to sit in during key conversations. 4. Address the Financials: The financial position and performance of the business is key to determining what options are available for succession. Financial analysis should be conducted to determine if the business can meet the needs of the succession, or if it can achieve a position capable of supporting succession. Engage a farm consultant to get ideas for how net farm income can be increased to support succession. Make an appointment with your accountant and banker to discuss what financing options are available without impacting the ingoing viability of the business. 5. Get Advice: Farm succession is a complex task with many factors to consider and address. Talk to your banker or accountant for names of succession specialists who can help. When making decisions around the business structure, asset protection and transfer of ownership; consult with lawyers and accountants to identify how the family may best achieve desired outcomes while preserving as much of the family wealth as practical.

6 In family business, the greatest risk is people and relationships. It is rare to find a family business capable of being sustainable across generations with dysfunctional relationships. (McLeod, 2014, p.3) Contact: Bruce McCorkindale Mobile Simon Glennie Mobile Kevin Wilson Mobile Contact: Craig Wyatt Phone

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