Graduate Projects

Keeping the Family Business in the Family: 2004

Project:
Succession planning for farm families.

Project Leader:
Sheridan Alm, Citrus Grower, South Australia

Aim:
Research successful models of succession planning for farm families.
Identify resources available to support the process.

Apply the findings to the family farm.

Background:
Succession planning continues to be a major issue for farm families and was being experienced by Sheridan.  Many examples exist of intergenerational farm families moving to a position of irreconcilable differences because they have not invested in the succession planning process.

Approach:

• Conducted a literature search on succession planning.
• Consulted with the family accountant and solicitor before initiating a family meeting.
• Commenced the process of succession planning.
• Developed a model to resource others.
  

Outcomes:

• Progress made in preparing a succession plan for the intergenerational family farm.
• Resource sheet for intergenerational farm families embarking on succession planning.