Current practices in Australian farm succession planning: surveying the issues

Olivia Falkiner, Adam Steen, John Hicks, Deirdre Keogh

Research output: Contribution to journalArticle

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Abstract

The majority of Australian farms are ‘family farms’, that is, those that are owned and operated by members of a nuclear or extended family. An important key to the continuation of family farming is the smooth succession by subsequent generations. Increasingly, financial planners are becoming involved in succession issues including those involving farming families. We examine the current status of succession planning in Australian farming through a survey of farming family members. While the majority of survey respondents considered that maintaining family harmony was their first priority, a significant proportion have no succession plan. Importantly for financial advisors, employing professionals with appropriate skills in estate planning is rarely done.
Original languageEnglish
Pages (from-to)59-74
Number of pages16
Journalfinancial planning research journal
Volume3
Issue number1
Publication statusPublished - 2017

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farming systems
planning
farms
estate planning
extended families
nuclear family
family farms

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Current practices in Australian farm succession planning : surveying the issues. / Falkiner, Olivia; Steen, Adam; Hicks, John; Keogh, Deirdre.

In: financial planning research journal, Vol. 3, No. 1, 2017, p. 59-74.

Research output: Contribution to journalArticle

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AU - Hicks, John

AU - Keogh, Deirdre

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AB - The majority of Australian farms are ‘family farms’, that is, those that are owned and operated by members of a nuclear or extended family. An important key to the continuation of family farming is the smooth succession by subsequent generations. Increasingly, financial planners are becoming involved in succession issues including those involving farming families. We examine the current status of succession planning in Australian farming through a survey of farming family members. While the majority of survey respondents considered that maintaining family harmony was their first priority, a significant proportion have no succession plan. Importantly for financial advisors, employing professionals with appropriate skills in estate planning is rarely done.

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KW - Agribusiness

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