Sheep and beef farmers encouraged to prepare farm succession plan

Rural Exchange 01/12/2018

Sheep and beef farmers will all be inevitably faced with the task of exiting business ownership one way or another, whether it's passed down to family or leased out temporarily.  

Over half of sheep and beef farms are expected to change hands over the next decade, which is why the Red Meat Profit Partnership (RMPP) is working to make the task a little less daunting.

The RMPP is offering farmers a series of workshops around the country that are aimed at helping them navigate their different options.,

RMPP chair Malcolm Bailey says this is an opportunity to help farmers work through these issues and plan for positive outcomes.

“Many farmers have said they find it hard to know where to start the conversation because of the emotional attachment they have to their farms and the tensions of handling significant assets, often with competing family interests,” Mr Bailey told RadioLIVE.

The RMPP workshops offer resources and advice on a range of options available as farmers look at entering or exiting farm business ownership.

Mr Bailey also noted the possibility of linking up people who are wanting to progress in the red meat sector with those who are wanting to exit.

“Some farmers have sons and daughters who are not interested in taking over the farm but grandchildren who might.

Mr Bailey says there are several options for farmers in this predicament, like leasing the land or taking on a share farming partner who owns the stock.

Find further information on the workshops including locations and dates here

Watch the full interview with Malcolm Bailey above.

Rural Exchange with Hamish McKay, Sarah Perriam and Richard Loe, 5-7am Saturday and Sunday on RadioLIVE with Carter’s Tyre Service. Click here for all the ways to watch and listen.