A legacy or a liability - farm succession from a bank advisor, lawyer & family coach
One of the most precious gems in New Zealand’s food & fibre sector is the family farm, so how do we ensure that the intergenerational business model can survive a changing world?
“The earlier you've got communication, transparency and honesty, I think the more likely you are to get a fair outcome. and that can start with kids as teenagers being quite open about the business,” explains Tom Laming, NZAB.
In this week’s Sarah’s Country’s Opinion Maker we break-down practical tips and advice on how to have the conservations that set up family business to be a positive legacy with the following on our panel:
Philip Pryor, founder of Family Business Central
Tom Laming, client director, NZAB
Phoebe Davies, partner, Wynn Williams
Key points of discussions:
It starts with first knowing where you want to end up and having harnessed emotion around fairness, honesty & transparency to have productive conversations.
It’s crucial to run farms as businesses with structures such as Shareholders Agreements & Relationship Property Agreements.
Philip works with families to have two types of governance - Family governance (with a family charter) & business governance (with a board of directors) so you can have separate conversations and a positive Christmas lunch!
Family member’s relationships with their spouses can be a delicate discussion to protect the farm asset, but it’s important to be upfront about a contracting out agreement.
Banks look at the risks around succession and want a strategy to manage this risk.
For information on the services of our guests visit,
Subscribe to Sarah's Country on podcast and YouTube to keep up with the latest on Farming Food & Fashion.
Sarah's Country Club