Succession and retirement planning are often pushed aside as being too hard or when you are too busy running a farm. Retirement and aged care financial planning are intricate, and it is essential that you plan ahead to get the desired outcome.
Often, all the wealth is in the farm, with limited off farm assets, low superannuation and no entitlement to Age Pension.
By planning your exit early, you can maximise the value of your farm business while helping to meet future needs, without the need for a major increase in debt. It can also reduce the complexity of transitioning ownership to the next generation.
When should farm succession planning be addressed?
Family businesses are often run by one or two people at the head of the family and have an informed decision-making process. While this can be fine for small businesses at first, more mature and growing family businesses can benefit from a more formal board structure.
Advisory board meetings may sound tedious; however structured get-togethers can make the difference between success and failure. In family businesses, it is wise to ensure that all major decisions are based on informed data/analytics and receive due scrutiny.
For many employers, performance reviews can be the most stressful work conversations they have.
Quite often, managers try to deliver feedback like a sandwich, start with some positives, then talk about the negatives and finish with some more positives. It ends up sending a mixed message and can leave your employees feeling disappointed and confused.
We have compiled four strategies to help your performance reviews become more productive and less stressful for all: