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Current Practices in Australian Farm Succession Planning: Surveying the Issues^

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  • Falkiner Olivia
  • Steen Adam
  • Hicks John
  • Keogh Deirdre

Abstract

The majority of Australian farms are ‘family farms’, that is, those that are owned and operated by members of a nuclear or extended family. An important key to the continuation of family farming is the smooth succession by subsequent generations. Increasingly, financial planners are becoming involved in succession issues including those involving farming families. We examine the current status of succession planning in Australian farming through a survey of farming family members. While the majority of survey respondents considered that maintaining family harmony was their first priority, a significant proportion have no succession plan. Importantly for financial advisors, employing professionals with appropriate skills in estate planning is rarely done.

Suggested Citation

  • Falkiner Olivia & Steen Adam & Hicks John & Keogh Deirdre, 2017. "Current Practices in Australian Farm Succession Planning: Surveying the Issues^," Financial Planning Research Journal, Sciendo, vol. 3(1), pages 59-74.
    • Handle: RePEc:vrs:finprj:v:3:y:2017:i:1:p:59-74:n:1004
    DOI: 10.2478/fprj-2017-0004
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    References listed on IDEAS

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    1. Thomas Glauben & Martin Petrick & Hendrik Tietje & Christoph Weiss, 2009. "Probability and timing of succession or closure in family firms: a switching regression analysis of farm households in Germany," Applied Economics, Taylor & Francis Journals, vol. 41(1), pages 45-54.
    2. Moreno-Pérez, Olga M. & Arnalte-Alegre, Eladio & Ortiz-Miranda, Dionisio, 2011. "Breaking down the growth of family farms: A case study of an intensive Mediterranean agriculture," Agricultural Systems, Elsevier, vol. 104(6), pages 500-511, July.
    3. Thia C. Hennessy & Tahir Rehman, 2007. "An Investigation into Factors Affecting the Occupational Choices of Nominated Farm Heirs in Ireland," Journal of Agricultural Economics, Wiley Blackwell, vol. 58(1), pages 61-75, February.
    4. Crockett, Judith, 2004. "The nature of farm succession in three New South Wales communities," AFBM Journal, Australasian Farm Business Management Network, vol. 1, pages 1-13.
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