Cooma to host Rabobank business transition and succession planning information session

Primary producers based in New South Wales’ Monaro region have the opportunity to develop skills for successful family farm succession, free of charge, at a Rabo Client Council information session designed to help equip farming families with the tools to optimise their chances for business continuity.

The practical Business Transition and Succession Planning information session will be held in Cooma on May 23.

The initiative has been spearheaded and funded by food and agribusiness banking specialist Rabobank’s Rabo Client Council, a group of the bank’s farming clients who volunteer their time implementing programs that contribute to the sustainability of rural and regional communities.

The complimentary, interactive session provides practical information, such as why family and business communication is difficult and how to improve it, what makes a meeting work, and how to take account of differing family goals.

Rabobank regional manager for Central and Northern New South Wales Toby Mendl said, “business transition and succession planning skills are crucial for most family farming businesses as a successful transition between generations can be understandably complex and difficult to execute”.

Mr Mendl said transition within a family farming business is not just about legal and financial aspects – “it’s about developing strategies and plans to safeguard the heart of the family farm and ensuring its prosperity for years to come”.

The session content would look at how to start the conversation about business succession, Mr Mendl said. “There will be an opportunity to explore the key elements of setting up that first meeting – thinking about management, business, property and wealth transition. And there will be tools provided to assist in the planning process, taking the next steps, understanding family/business conflict and dealing with family issues,” he said.

“The information session is designed to be a supportive space where couples and family members can attend together. It’s a unique opportunity for farmers to step away from their daily business routines and immerse themselves in shared knowledge.”

Proactive planning is important in smooth business transitions, Mr Mendl said. “It’s best to start succession planning well in advance – waiting until the last moment can often exacerbate any potential conflicts as individuals expectations are not understood and may not be able to be met,” he said.

Mr Mendl said Rabobank’s Rabo Client Council network was focussed on developing meaningful grassroots initiatives to support key themes focusing on agri education, rural wellbeing, sustainability, adaption and creating rural/urban connections.

“By imparting skills and expertise in the business transition processes, the information session empowers farmers. They gain the tools needed to build plans to develop business continuity that will see family farming businesses thrive across generations,” he said. “The positive ripple effect extends beyond individual farms. Rural and regional communities’ benefit from a healthy local farming sector.

“If you’re interested in attending the session, keen to meet other progressive farming families and develop new skills, confirm your place before the session is fully allocated.”

The information session – which will be limited to 30 participants each and are not restricted to the bank’s clients – will be presented by content and facilitator partners, Rosemary Bartle and Jim Benson.

Information session date and location are:

• Thursday, 23 May 2024 – 8:30am – 1:30pm – Cooma

To register to participate, please visit the Rabobank Australia website, or click here.

Morning tea and lunch catering will be provided.

This information session is for information purposes only. Its contents will be general in nature and do not take into account personal objectives, situation or needs. Rabobank Australia Limited ABN 50 001 621 129 AFSL 234700 and Coöperatieve Rabobank U.A. (Australia Branch) ABN 70003917655 AFSL 238446 (collectively referred to as, ‘Rabobank Australia’) recommend attendees seek independent professional advice before making any decisions related in any way to the contents of this information session.

Rabobank Australia & New Zealand Group is a part of the international Rabobank Group, the world’s leading specialist in food and agribusiness banking. Rabobank has more than 120 years’ experience providing customised banking and finance solutions to businesses involved in all aspects of food and agribusiness. Rabobank is structured as a cooperative and operates in 38 countries, servicing the needs of more than nine million clients worldwide through a network of more than 1000 offices and branches. Rabobank Australia & New Zealand Group is one of Australasia’s leading agricultural lenders and a significant provider of business and corporate banking and financial services to the region’s food and agribusiness sector. The bank has 90 branches throughout Australia and New Zealand.