Edited exerpts from Nicola Bell’s 2005 GRDC Eureka Schools Prize for Agricultural Journalism article There are two sides of the fence.

When will mum and dad retire? Will I get a fair deal? What if my siblings don’t want to be a part of the farm? Do I want to be a part of it? What have I been left in mum and dad’s will? Is the farm financially secure?

Too often these questions are not answered until a parent is dead or incapacitated and the family is seated at the kitchen table with the will being read.

Not a pleasant thought but an issue that needs to be addressed, usually left too late, according to Coolamon solicitor and succession planning advocate, Bill Thompson.

Mr Thompson devotes more than 60 per cent of his time to succession planning and has written a booklet, Succession planning for farming and small business families.

He is concerned “there are a lot of young people out there working on the family farm for peanuts and not knowing if there will be a reward at the end.”

He believes succession is “a bit like sex education – some families are very upfront about it, and others hopeless.”

To help farming families and small family businesses plan their future and protect their assets from disaster, Bill and his staff travel the State to establish succession plans “which have to be flexible and address the needs of all parties involved.”

Senior consultant of Snedden Hall and Gallop, Byll Swan believes “the forced sale of a farm held in the family for one hundred years affects more people, and has a greater emotional impact, than the forced sale of a suburban home.”

“To ensure this does not happen, families must prepare for the three D’s – death, divorce or departure from the farm.

“The risk of premature death of a farmer is high - 100 times more likely than a header or house fire,” he said.

Mr Thompson believes “there is no correct time for farm succession planning but it should be a priority, especially when somebody decides to come back to the farm or is getting married”.

To avoid a disaster and families making rash decisions they may regret later they should implement a succession plan as early as possible.

“Why wouldn’t the young people of today want to get off the farm?” Mr Thompson asked.

“Today there are so many career opportunities out there for the younger generation and for economic reasons it is [often] practical to sell the farm and not pass it on.

"However there are always emotional strings attached to a family farm and a quality of life that may not be found anywhere else.”

It’s when the children are still at school that parents should sit down with them and ask them what they want, because there are always two sides to the fence.

[Research] has found parents rarely discuss what their children want, it is just presumed.

Misunderstandings could lead to an unfulfilling retirement for the parents and guilt for the child.

Mr Thompson says “decision-making involving communication with all family members is critical to any farm succession.

“It is also important that the older generation respects the younger generation’s opinions and vice versa.

“All family members participating in the succession planning process should approach the issue positively.”

- NICOLA BELL

This story appears in Agriculture Today.