Our Process

1.

Future Directions – Farm Strategic Planning

(Pre-succession preparatory work)

We facilitate a family meeting of all farming members held away from the farm normally over a half day.

All farming family members are provided with a pre-meeting kit containing general information and specific exercises that must be completed prior to attendance at the meeting.

The aim of the Farm Strategic Plan is to identify all the key issues of the farming business and of the individual family members.

Key components of the strategic plan are:

• Viable farming operations into the future
• Plant Replacement Program
• Key issues of family members

A documented Farm Strategic Plan is provided to all farming family members.

2.

Parents Financial Independence and Estate Plan

We facilitate a meeting with the parents over a 3–4 hour period to confirm their:

• Financial independence position
• Planned distribution of their estate assets amongst their family
• Preferred role on the farm going forward

The parents are provided with a pre-meeting kit containing general information regarding financial independence in their retirement years and their estate plan. Certain information is required to be completed prior to the meeting.

Optional zoom follow up meetings are offered to the parents until they are satisfied with their plan.

3.

'Big Picture' Succession and Estate Plan

We facilitate a family meeting of all farming family members held away from the farm, normally over a half day.

The aim of this meeting is to draw on the key outcomes of the previous two reports, namely:

• Current position of the farming operation
• Viable farming model requirements into the future
• Parents independent financial needs in retirement
• Outcomes of parents current wills
• Proposed current estate plan of parents

We then support the family to determine if an agreement amongst the family members can be reached on the 'big picture' succession and estate points.

4.

Presentation of Parents 'Big Picture' Succession and Estate Plan to All Family Members

We will undertake preliminary discussions with all non farming family members about their views and expectations in relation to the succession/estate planning process.

We prepare a presentation report for the non farming family members outlining the key decisions of their parents and the supporting reasons for this.

Finally, we co-ordinate a full family meeting for the parents to present their proposed succession and estate plan.

5.

Execute the Succession Plan – Heads of Agreement

When the family have reached consensus on the 'big picture' view of their farm succession and estate plan and wish to move forward with executing the plan, we will then move onto documenting a heads of agreement that will be used to instruct accountants, lawyers and financial planners of all the 'nuts and bolts' issues that need to be executed to implement the succession and estate plan for the family.

(Optional) Implementation Co-ordinator

Farm 360 Succession, if requested, can attend to the co-ordination of all the required work to be undertaken by the accountants, lawyers and financial planners to implement and execute the family succession and estate plan.