Securing the Future of the Family Farm

Peter’s journey with RFCS NSW began over 30 years ago and has played an important role in his farm’s ongoing success, through the ups and downs of running a mixed operation family farm. 

14 years ago, Peter and his family were faced with the challenging conversation of “succession planning”, a phrase that can bring tension, difficult conversations and fears of disrupting family relationships.

Peter was connected with his local Rural Financial Counsellor to discuss succession planning for the family. This process also involved his parents, brother and two sisters who were no longer living on the farm.

With growing tension between the two brothers about the future of the family farm, the situation required careful management. The Rural Financial Counsellor worked closely with the brothers and their parents to develop a plan that would allow Peter to manage two properties, while his brother took responsibility for two other properties as well as a plan to pay out inheritance to his two off- farm sisters.

The outcome was a “win- win” for both brothers, allowing them to farm independently and on their own terms, while also improving their relationship. The RFC spent time with each family member, visiting the properties and helping resolve any concerns. The result was a positive experience that provided clarity and long-term solutions for the family. The parents also had a plan for their retirement which gave them comfort and relief that there was a succession plan in place that their children were all agreeable with.   

“Having a Rural Financial Counsellor there was a relief. His positivity and knowledge was crucial in helping us get through the difficult parts. It was great to have someone outside the family, with the right expertise, to guide us through the process,” says Peter.

Peter encourages other farmers facing similar challenges to take the step and reach out to RFCS NSW.

“If you're struggling with family friction and succession planning, I’d say go for it and reach out to RFCS NSW. Having someone who can provide support with the right expertise is invaluable.”

Thanks to careful planning, communication, and the knowledge provided by RFCS NSW, the future of Peter’s farm is secure and ready for his son and future generations to come.