A new agricultural succession and future proofing forums piloted this week in the north-west region has re-emphasised the vital role of succession planning for long-term agribusiness resilience and sustainability.

Delivered by TNQ Drought Hub in partnership with Southern Gulf NRM, the forum took place on July 18 in Cloncurry.

TNQ Drought Hub Program Lead Jane Oorschot said the forum offered producers the opportunity to learn from industry experts and engage in discussions tailored to address the unique challenges faced by the agricultural sector.

“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,” said Dr Oorschot.

“The forum covered a wide range of topics related to succession planning, including its importance, a step-by-step process for how to go about the initial implementation and insights into how such planning can improve business structure, resilience and longevity.”

During the forum, succession expert Scott Patterson, from Alternative Strategies, shared 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.

Southern Gulf NRM CEO Geoff Penton also joined the forum to discuss Climate Change and Drought Resilience Planning at the forum, providing attendees with information on climate changes in the north-west region over the years.

Encouraged by the success of this forum, Dr Oorschot expressed their plans to introduce similar events in different regions of Queensland in the coming months.

 “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.

“The first round of the agricultural succession planning and future proofing forums provided an opportunity to pilot the approach in readiness for further workshops in other locations across Queensland over the next 6-9 months.

“We’re excited about the prospect of bringing these forums to other key regions in the future and reaching a broader audience.”