ON FARM NATIONAL Three years into taking comes to the negotiating table in a “Mum and Dad will stay living on the over the family farm conciliatory frame of mind. farm in the original homestead and I’m at Blackwood Creek, “We said two years, and we got it done building a new house,” Scott said. Tasmania, in line with in about 18 months,” Andrew said. “My two sisters visit regularly. They grew the agreed succession plan, “If you don’t have a timeframe, it will just up here, riding their horses around the 33‑year‑old Scott Colvin says drag on and on. property. One day, their kids might want it’s going well. to do the same thing and I think it’s only “Our accountant helped us out, which right that they should be able to have a “When it’s all done, you have to still be was good because she has really great farm experience if they want to. able to sit around and have Christmas people skills and she understood lunch together,” said Scott (pictured), our business. She spoke to everyone “I don’t think our case is normal, who shared his journey in a virtual individually about what they wanted. although it probably should be. But (video) tour of his farm presented during succession planning is harder and theMLA‑sponsored Tasmanian Red “Our succession planning was a little takes longer than you anticipate. It’s MeatUpdates in 2018. easier because it was only immediate not something you start at 3pm and are family. But if there are partners or done by 4pm.” ■ “It’s important that everyone comes away spouses, it’s crucial that they come to willing to talk to each other. Everyone the meetings as well.” has to be satisfied with the outcome. LESSONS Leadership LEARNED “A family farm is an emotional investment Scott hands full credit for the successful as much as anything, but you can’t split succession in the Colvin family firmly to it based on the capital value. A fair split his father. > Succession planning is best is not the same as an equal split. done early. “The success of our succession plan is > Document it in writing and make “You have to look at the income‑earning down to one person and that’s Dad,” potential of the asset. it a legally binding document. he said. > Have a third‑party facilitator. “If you don’t do that, you end up with “It’s one thing to hand over the asset, the one left on the farm working hard, > Remember, everyone still needs but fronting up to the workshop each to enjoy Christmas together. struggling with limited equity and morning and asking what’s on today, eventually going broke. That’s not good must really take something. I take my > It needs to be fair, not equal; for anyone.” hat off to him. come to the table in a conciliatory frame of mind. Where to begin “I ask his opinion on a daily basis. I’d To arrive at a plan that’s good for > It will be harder and take be mad not to. He’s got 35 years’ longer than you anticipate; set everyone, Scott suggested doing it experience running this place. He’s a timeframe. early. His father, Andrew, agreed. integral to the business but, at the end “I was the beneficiary of good succession of the day, I pay the bills.” planning and I wanted to be able to pass The Colvins’ succession plan is Scott Colvin that benefit along,” Andrew said. up for review annually and has E: scott@nosswick.com “Scott took over the reins of the business been documented as a legally mla.com.au/plan‑for‑success on 1 July after he turned 30. I’m told binding agreement. there’s a direct relationship between the rate of failure of taking over and the age at which you do so, with the chance of success dropping as you get older. I figure 30 is about the perfect age. “I still work on the farm. I go to work every day and I ask Scott what we’re doing. I’m not going to pretend that’s always been easy, but it works well. “I’ve also got other interests outside of the farm. That’s crucial for those handing over – you have to find something else to do with your time.” Andrew’s other advice for successful transition includes setting a timeline, appointing someone from outside the Although Scott Colvin now makes the decisions on the farm, he and his father Andrew still work family to help, and ensuring everyone together every day. 29