In this episode of The Engine Room mini-series, David and Natalie look at the business side of farm succession, and why it often needs to start earlier than people think.
Preparing the next generation is not just about handing over assets. It is about helping them take on the books, understand the numbers and step into the business side with confidence.
Because handing over the office does not happen in one conversation. It takes time, trust and a proper apprenticeship, where the next generation learns how the books, budgets, cashflow, reports and financial decisions all fit together.
“The best thing of all is actually letting them do the books with you.”
David and Natalie talk through how to bring the next generation into the office earlier, why they need to understand the value behind the data, and how small jobs like entering transactions, reviewing reports and preparing budgets can build the skills they will need later.
Disclaimer
The information provided in this podcast is general in nature and does not in any way constitute financial, investment, accounting, tax, or legal advice. You should always consult with a relevantly qualified and licensed professionals for advice tailored to your specific situation and requirements. The opinions expressed are our own and do not reflect those of our sponsors or any third parties.
