A national survey which hopes to explain the successes and failures behind farm business succession will close later this month
Increasing the success rate of future intergenerational transfers is the motivation behind a national survey into succession planning.
University of New England (UNE) is conducting the survey, which closes on June 30, and aims to gather information about how farming families succeed at business succession, along with how they fail.
The response to the survey has been strong, co-creator and UNE senior lecturer Lucie Newsome says, but she urges anyone who owns agricultural land to get involved before the survey closes.
“Failure to effectively manage succession can have disastrous consequences – for the farm business, for farm families, and for rural communities that rely on intergenerational farming families to support physical and social infrastructure,” she says.
“We are still failing too often at succession, which is why we launched the survey. We’re gathering first-hand information on why and how the process succeeds or fails, so that we can distil that experience into an up-to-date guide for families facing succession.”
Newsome says it has been 20 years since the last national survey of this nature, with soaring farm values in that time increasing the financial stakes involved with succession planning.
Data assembled from the survey will also be available to consultants and farm groups, to support their efforts to improve succession outcomes.
Newsome also hopes families who have had negative experiences with succession planning, plus those who have not yet embarked on a succession plan but will need to in future, will participate in the survey.
“If your experience was terrible, let us know why. If your experience was positive, also let us know why,” she says.
“Even if you feel you aren’t saying anything that’s new, you are helping us understand how certain patterns can repeat, and how they might be addressed.
“Everyone who contributes to this survey may be helping a family negotiate their own succession process in the future.”
The survey can be completed until June 30 by visiting this link.