A storm is brewing in rural Australia
The average age of farmers still hovers around 58 (last time the Australian Bureau of Statistics counted) and rural land values are at an all-time high, yet many families continue to avoid the thorny subject of transition and succession planning.
Managing the complexities of a succession plan can, of course, be challenging. However, if farming families don’t get it right, there is potential for a host of adverse consequences. Strained relationships are the most obvious one, but there are practical implications of delaying the knowledge transfer to the emerging generation.
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