Farmers need to plan to make sure their farm business will continue to support them through good times and bad. Planning should take into account worst case scenarios with the hope that they never happen.
Changes to climate, markets, farm practices and consumer demand for produce need to be taken into account. Making a farm business plan can be daunting but there are many highly trained professionals that help point you in the right direction. Your business plan should also include a timeline for your retirement, family succession or eventual sale of the farm. For long-term planning to result in successful and achievable outcomes, discussions should involve all members of the family who are part of the farm business. There is no point planning for a member of the next generation to take over the farming business if they are not interested in doing so.
So where can you go for help? You can look up in the telephone directory or online for various industry organisations, agricultural consultants, accountants, financial planners or banks. It may be worth talking to friends, family and neighbours to see whether they can recommend someone in particular. You can also follow the links further down this page.
If you find yourself in a crisis situation, do not despair and give up hope. There are many organisations you can go to for help both with personal problems and for advice about support services available to get you through a crisis.
References used for this topic page
Australasian Accounting, Business and Finance Journal
Succession Planning in Australian Farming
Last updated: 13th December, 2017