Building Your Farm and Family Futures - Presented by Family Business Central & Whanganui and Partners
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Whether it’s time for growth, time to move on, time to implement a succession plan or time to resolve conflict – these series of family business workshop give you the vital information and practical ACTION STEPS needed to achieve a healthy transition for the future success of both your family and farming business.
Only 30% of family businesses survive into the second generation. Even fewer survive beyond that. How are you going to ensure your legacy?
Discover the secret to multi-generational business success, how to unlock the full potential of your family business and the importance of strengthening the bonds that hold a family business together.
Learn how developing a well-executed ‘Family Charter’ is both an essential process of communication within the family and ultimately, a document that protects the people, the assets and the future of your family and business.
This series of four, four-hour workshops is designed to give farming and business families an opportunity to work through the issues of managing a farm as well as looking after their family, now and into the future.
To establish how well you and your family are prepared for succession, Whanganui & Partners has produced a future readiness questionnaire you can take. Each family member should fill out their own answers and you can then compare your standpoints to discover how aligned your family's views are.
Workshop #1: Wednesday 9th June, 1pm – 5pm
Family Business and Farm Essentials - What are the Key Things you Must Know?
Workshop #2: Wednesday 23rd June, 1pm – 5pm
Family and Business Governance - Both are Essential, but what’s the Difference?
Workshop #3: Wednesday 7th July, 1pm – 5pm
How to Succeed at Succession – A Plan? A Process? Or is it a Transition?
Workshop #4: Wednesday 21st July, 1pm – 5pm
How to have the Family Conversations regarding the Farm, the Business, the Family.
Bookings essential and you must attend all four workshops. Secure your spot here.
Family Business Central has been working successfully with family businesses in New Zealand and Australia for more than 15 years. Phil and Bob have facilitated many workshops; helped families and individual family members meet their challenges; coached many family businesses to develop their own ‘Family Charter’ of how the family manages both themselves and the business; and been called on by industry associations and government committees to offer advice on the key challenges facing family businesses.
Introduction to the Workshops . . .
This series of four, 4-hour workshops is designed to give farming and business families an opportunity to work through the issues of managing a farm as well as looking after their family, now and into the future.
These practical and down to earth workshops provide both technical advice and suggestions, as well as the opportunity for farming families to discuss the issues, learn new skills and start developing practical solutions for moving both the family and the business, forward. This is not just talking about succession; these workshops show how to have the sometimes difficult conversations, how to get creative, and how to involve the family so that regardless of the decisions made, the family is united and together in planning for the future – for both business and family success.
Ideally, we recommend that family business members attend all four workshops as they are designed to progressively build on one another with the ultimate outcome - a Family Charter (if you like, a “constitution”) covering up to 26 items that are essential for the effective running of all family businesses – both large and small.
It’s further suggested that at least two family members (preferably all if possible) attend each workshop. In this way the family business benefits from the collective understanding of the concepts being covered and provides momentum for the entire family to apply these in your farming business.
Each succeeding workshop in the series will provide ample time for you to discuss your situation with other, like minded family businesses. We’ve found this process to be particularly helpful, as everyone can learn from one another.
1. Family Business and Farm Essentials - What are the Key Things you Must Know?
2. Family and Business Governance - Both are Essential, but what’s the Difference?
3. How to Succeed at Succession – A Plan? A Process? Or is it a Transition?
4. How to have the Family Conversations regarding the Farm, the Business, the Family.
If you’re running a family farm the normal assumption is “that it’s just like a normal business”. It’s not! There are a number of important areas that you and your family need to think through and agree on. While none of them are necessarily very difficult - they are important and can become huge issues if they are not addressed. Topics include:
If you’re not selling, then what is the legacy you want to build for you, your children, even your great grandchildren?
Who not only wants to take over the farm, but who has the best skills to do so?
Aligning the family with where the business is now and its future—not where it was 20 years ago.
Are things such as estate planning and wills, aligned with the other decisions you have made?
What is the vision for the farm or business?
What are your family values that can guide the family forward into the future?
Every farm and business already has business governance in place—whether it is used is another story. As a family owned operation, you also need family governance that is aligned with the farm, its vision and its future. During this workshop, you’ll get the full run-down on what family governance you need, how it needs to work with the business and how to set it up. Topics include:
What is family governance?
The difference between family and business governance and how they interact.
What is the appropriate business governance for your farm now and in the future?
How to set up appropriate family governance for your family.
How to get the best out of your business governance without paying a fortune.
How the two types of governance need to interact to support each other.
Often when families start talking about succession, the current generation immediately say “Don’t put me out to pasture!!.” Effective succession is really a transition and is a process not a date. In this workshop, you’ll get a set of ideas and processes that will enable you to plan for effective succession that, not only gives the Next Generation amazing opportunities, but also allows the Current Generation to focus on and do exactly what they love. Topics include:
Do we sell or pass our business/farm on and how do we manage this successfully?
How do we discuss this with the family and how do we find out what family members really want?
How to have the discussions and negotiations to reach agreement that manage fairness across the family (by the way, ‘fairness’ does not = ‘equal’).
What needs to be done to get the Next Generation ready?
What does the Current Generation really want to do, and how involved do they want to be in the farm – now and in the future?
For all of the above to work effectively, it is critical that families are able to have useful and constructive conversations about the farm/business and be able to discuss and make decisions together that work for everyone. This workshop covers practical skills on how to do this. Topics include:
How to manage emotions within the family.
How to set up constructive and useful family meetings – getting the words ‘right’.
Negotiating what is ‘fair’ to all the members of the family.
Exploring creative options that meet the needs of the various family members.
Your workshop facilitators are Philip Pryor and Bob Selden
“I know the governance and strategic issues that family businesses need to address in order to grow, thrive and build a legacy.”
Philip Pryor is no stranger to the wonderful world of family business. During his childhood, Philip’s parents ran a real estate and travel agency in Blenheim, New Zealand.
Following graduation from Otago University with a degree in psychology and then a masters in the US, Philip went on to build a career as a business advisor. He has worked in the US, UK, Australia and New Zealand, working with Government, the corporate sector and not-for-profits. Philip has focused on working with family businesses for the last 15 years.
Bob has worked with an enormous range of industries, businesses and organisations in many parts of the world, including a number in the rural sector. Through this experience, he has worked out what really motivates people. A desire to find out what gets people going (and keeps them going) has become his life’s work. Bob applies this learning about ‘people motivation’ to both work and play (he’s a keen sports nut, including being a coach to coaches), and advising family businesses both small and large on ‘how to get the best out of their people’.
“My role as a coach, is to help people improve their vision – to see things from a different perspective. In working with family businesses, my aim is to help the family members who work in the business to become better managers (both of themselves and others) by using proven and at all times practical, effective, management techniques.”
Family Business Central’s aim is to help families build both their family and business capital.
Get in touch with us.