Picture it. Everyone’s home on the family farm for that special birthday, Christmas or wedding. Kids are playing underfoot and the good times are flowing - and then someone utters two words that can change the mood like no other. Succession. Planning.
While it’s an emotional and complex process, succession planning discussions don't have to go off like a box of bon bons at Christmas.
Troy Constance, CEO of Sprout Agribusiness, shares three important mindset frames you need for a successful outcome.
“Over the years, we’ve been involved with a lot of succession planning and I’ve noticed time and again how important it is to approach it with kindness and empathy, and gratitude and patience,” Troy says.
While it’s sometimes easier said than done, leading with kindness and empathy when you’re sitting around that table is crucial. Remember, everyone’s individual ambitions and goals are at stake. Listen, take it in and empathise to keep succession planning moving forward.
No-one’s ever said farming’s an easy gig. The hours are long, the stresses are high and you’re at the mercy of the seasons. But it’s also one family business that often outperforms others, and Troy encourages all farming families to lean on this gratitude.
“In most cases handing down the farm through the generations means passing on a net worth much higher than the average,” Troy says.
“Agriculture has boomed in the last two decades, and the possibilities are great so try to relish in that.”
Finally, don’t tackle it like a bull at a gate. Troy and his team have all too often seen succession planning derailed by impatience. Changing roles or businesses doesn’t happen overnight in any industry and farming is no different.
And remember, there’s a time and a place. Leave the celebrations for snags and smiles. After all, if your family farm loses those, what have you really got left?