Building the family farm. Multi-generational farm business.
Many farmers view their role as stewards of the land, not only from an environmental aspect but in preserving it for their future generations. Ultimately the aim is to provide a comfortable living and to ensure their farm business has the capacity to support their children in returning to the farm should they decide they want to.
Introducing the next generation of aspiring farmers to the family business can be a difficult task with many intricacies that need to be addressed. This report outlines key areas of consideration for family farm businesses looking to continue their legacy.
Attracting our children to become involved in agriculture is often overlooked. Often children are exposed to a lot of negative comments about a lack money and the seemingly excess workloads. It is important that we present a clearer picture of agriculture and discuss various pathways into the industry.
When looking at introducing family members into the family business there is often a requirement to expand the business. It is important that businesses look openly at ways to expand the business. Taking time to look at the businesses under-utilised resources may provide unexpected opportunities to grow the business with the addition of incoming labour units and different skill sets. Understanding interests and skill sets of the incoming generation will help with identifying these opportunities.
If there is a requirement to expand the operation farmers should be open to collaborating with other partners. Leasing, share-farming and joint ownership of plant are common examples of this. This report outlines considerations for expanding the enterprise as well as some examples from around the world.
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