Looking under the covers

If you want to go fast, go alone. If you want to go far, go together

The Australian family farm is a mixed bag.

Some start out great, having had their ancestors work hard to stockpile capital assets, operating productive and innovative operations. Others start out with an old ute, a few savings and a big dream.

This report investigates the financial literacy of great family farm businesses and how this will assist the farming family transition over the next 10-20 years and beyond. It is targeted at two types of readers:

• The family farm businesstackling that next hurdle (either succession or expansion); and
• The family farm’s advisor assisting that family through this period of change.

Key findings

This report focuses on key themes:

1. Identity, self-awareness and clarity regarding long term personal legacy.
2. The secret ingredient is not an expensive tractor: family farms are people businesses.
3. Agriculture is in the business of patient capital, and this capital needs a financially literate farmer to make it succeed over the long term.