In this episode, we're diving into a crucial aspect of farm business: succession planning, especially from the perspective of younger generations, often overlooked.
Jack Hayes is an Associate within the Agribusiness division in one of Western Australia's largest accounting firms Byfields Business Advisors. He emphasizes how succession planning has evolved to be more about personal relationships than just transferring assets. He stresses the importance of early communication to ensure a smooth transition, drawing from his own experience growing up on a family farm in Badgingarra. With over a decade of experience in accounting and taxation, Jack brings a deep passion for agriculture and a keen interest in modern farming practices and technology.
Succession planning in farm business isn't just about assets; it's about fostering early communication and nurturing personal relationships for a smooth transition.
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