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Drought…and Succession Planning

Posted On August 22, 2018

Below average rainfall, resulting in crippling drought, continues to affect most of NSW and parts of all other Australian States. Some of you are deep in the trenches, battling the effects of drought on your farms, your livestock, your home water supply, your freedom to make personal and business decisions and even your relationships. This drought is getting in the way of lots of things you want to do; succession planning may just be one of those things.

Engaging in succession planning requires actively making the decision to continue on in business. Assuming it will happen is not enough – actively making the decision and involving all who are relevant to the process, is the best chance you have at guaranteeing the continuity of your business. There are some hurdles to overcome before engaging in succession planning. Some families have a fear that they don’t know what’s ahead of them. Some families struggle to commit the time or capital required. Some families feel they don’t have enough strategy, and some lack communication between themselves. Some families aren’t sure that their business will continue beyond its current tenure. Perhaps this drought is your biggest obstacle right now. ProAgtive’s message to the families struggling to overcome some of these hurdles, is that the opportunities, possibilities and benefits made possible for your family by engaging in succession planning, far outweigh the obstacles which stand in your way.

At ProAgtive, we believe that the best time to start succession planning is before reaching a crisis situation and before your family starts to fall apart at the seams. If this drought is starting to wear away at your relationships, we encourage you to consider taking a step forward towards undergoing this process. There will always be obstacles. Don’t let this drought take control of your ability to make a decision that will ensure the continuity of your business and the health of your family relationships.