North-west Queensland is set to welcome a series of agricultural succession planning and future proofing forums this month, aimed at educating those in the industry about the critical importance of succession planning in safeguarding their businesses, and ensuring long-term resilience and sustainability.
Delivered by TNQ Drought Hub in partnership with Southern Gulf NRM, the forum will take place in Hughenden, Cloncurry and Richmond between July 18 – 20.
TNQ Drought Hub Program Lead Jane Oorschot said the forum offers producers the opportunity to learn from industry experts and engage in discussions tailored to address the unique challenges faced by the agricultural sector.
“Through our partnership with Southern Gulf NRM, TNQ Drought Hub have curated a forum to bring to Hughenden, Cloncurry and Richmond that will provide producers with the knowledge and tools they need to future-proof their businesses,” said Dr Oorschot.
“Succession planning is an important conversation to be had. It is a key step towards enhancing business resilience and plays a crucial role in producers’ ability to withstand and adapt to challenges such as floods or droughts.
“We hope to encourage all attendees to take advantage of this opportunity to learn and plan for the future.”
Succession expert Scott Patterson, from Alternative Strategies, will share strategic advice and practical solutions for agribusiness owners on how to manage succession and negotiation to ensure sustainability and profitability during the succession or acquisition process.
“Succession planning helps to ensure a smooth transition of any business, including agricultural businesses, so that the business continues to grow and prosper in the longer term,” said Mr Patterson.
“We’ve all heard the adage that if you ‘fail to plan, you plan to fail.’ This might be an old, hackneyed saying, but it rings true for all businesses, particularly those in the agricultural industry.”
Mr Patterson hopes the workshops will inspire participants to view succession planning as an opportunity for success rather than a future problem.
“Depending on the geographic area and industry, the average age of farmers and graziers is around 60. Therefore, it’s important to note that succession is a gradual process rather than a singular event, and requires time for planning and implementation.
“Starting this process at the earliest opportunity is crucial for ensuring the success, resilience and long-term sustainability of businesses.”
Southern Gulf NRM CEO Geoff Penton will also be discussing Climate Change and Drought Resilience Planning at the forum, providing attendees with information on climate changes in the north-west region over the years.
“Participants will have the opportunity to consider how climate change and the changes already being experienced by the region will impact on their business in the future,” said Mr Penton.
“The workshops will share actual trend data on recent weather that is, and will continue to, impact on agriculture in north-west Queensland.
“This real trend data points to some clear recommendations for cattle producers.”
Dr Oorschot said TNQ Drought Hub were looking forward to bringing the workshops to the region, with participants also having the opportunity to register for a one-on-one discussion with Mr Patterson to discuss specific succession enquiries.
“At TNQ Drought Hub, our goal is to provide valuable knowledge and insights to support those in the agricultural industry, and to ensure it continuation as an innovative, profitable and sustainable sector,” said Dr Oorschot.
“We’re excited about bringing these workshops to the north-west region, and our hope is to expand them to other areas in the future and reach a broader audience.”
The Agricultural Succession and Future Proofing Forum will take place in Cloncurry on July 18, Richmond on July 19 and Hughenden on July 20. Free health check from Royal Flying Doctor Service representatives will also be available. To register for the forum, email firstname.lastname@example.org or phone 07 4743 1888. Moreinfo can be found via https://www.tnqdroughthub.com.au/ag-succession-and-future-proofing-forum/