Case study: The proactive farming couple with a long-term view for their children

An hour well spent

“In 2019 I was contacted by a farming couple who requested some guidance of how to start the farm succession process with their four sons who were in their 20s.  The husband had already started some planning steps with a brother with whom there was shared equipment and land.  The couple were looking for advice of the best approach to further the discussion with the brother as well as with their sons.

The four sons had positive relationships with each other and with the parents.  The sons had each expressed an interest in the farm and longer-term options for them.  All four sons had completed post-secondary education in a trade.  The farm had been large enough to provide an income for the family of six when the family was young.  The farm was within 1.5 hours from Melbourne and different options were to be considered for long term planning.  The parents wanted to listen to their son’s interests in farming and they also had consideration of timing for future changes.  The parents were seeking advice on the process of discussions to undertake and not necessarily specific options of the future of the farm asset.

The parents attended a one-hour consultation with me in person and brought an exercise book for note taking during the discussion we had.  After a brief inquiry about the size of the farm and its improvements I gave general advice about the process to undertake.  I advised that they formally write to the brother inviting him into some preliminary discussions to further the process.  The parents also spoke to their sons.  Within the letter the parents mapped out some of the process for succession and referenced the core values which had been a guide in how they raised their sons and values of the grandparents who had taught them farming practices.

About two years later I was leaving my office at the end of the day, and I answered a call from the couple.  They were on holidays and rang from their car to thank me for the advice which had been helpful to start a process of discussion.  It had led to a favorable outcome for the sons and the parents.  The specific solution they crafted was not as important as the process they had undergone which had kept the family connected as they explored options and an ultimate agreement.”