Publication Date

7-1994

Document Type

Conference Proceeding

DAFWA Collections

Grains and field crops

Publisher

Department of Agriculture

City

Perth

Abstract

The two inevitables of life are death and taxes and never has there been a more direct application to these inevitables than the old Russian proverb-

"If you fail to plan, you are planning to fail."

In 1980 in the Shires of the West Midlands and Northern Wheatbelt there were 1,102 farm enterprises. By 1993, there were 853 farm enterprises - a decline of 23 % and one of the major factors causing this decline is the lack of effective estate planning. It confirms that a significant proportion of farm businesses do not have the resources to fund the retirement of parents and leave a viable business for the younger generation to inherit.

If the second generation is to successfully take over the family farm it is far more likely to be achieved following careful planning, rather than sudden retirement, illness or death being the pivot around which younger farmers get thrown in at the deep end.

The speakers at today's seminar have been organised in their respective fields to help you better understand the related issues of succession planning working towards sustaining the farm family unit. It is hoped at the end of the seminar you will be better able to go about starting your own plan that will suit your requirements.

Number of Pages

29

Keywords

Succession, Conferences, Western Australia, Estate planning, Farm management.

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