Alan Blackburn and Associates Consulting


Farm Managment and Agribusiness Consultants

Retirement Planning

Succession planning involves a number of steps. They are not necessarily carried out in a particular order except to say it is unwise to try and finalise issues relating to financial planning, business

Alan Blackburn is a trained facilitator and a qualified mediator. He will provide a structured process for conducting the farm family meeting.

structures and inheritance, until the personal and family issues and goals are worked through.  These steps are listed below.  In my consulting I focus on the first five steps.  Clients are encouraged to consult with their accountant and solicitor re steps 6 and 7.  Also in step 5 I work with clients in identifying the framework they are seeking, but clients may seek assistance from their accountant, financial planner, and or broker to finalise their retirement planning.

Step

 

1

ADDRESSING FAMILY ISSUES

  • Listening to the needs and aspirations of family
  • Seeking equitable solutions
  • Finding pathways for moving forward which have family understanding and commitment
 

2

DECIDING THE FUTURE OF THE FARM

  • Will the farm be kept or sold
  • Who will take over the farm’s management and control
  • How will they be “groomed” for this role
  • Does the plan address the needs of family members
 

3

DECIDING PERSONAL ISSUES RELATING TO RETIREMENT

  • When do I want to retire
  • Do I want continuing involvement with the farm
  • What income level do I need on retirement
  • Where do I want to live on retirement
 

4

DECIDING THE CAPACITY OF THE FARM TO MEET RETIREMENT AND SUCCESSION PLANS

  • What level of profit can the farm reasonably generate and is it sufficient to support succession and retirement plans
  • What options are there to increase farm profitability
 

5

DECIDING FINANCIAL PLANNING ISSUES

  • How will the desired retirement income be met
  • What role will superannuation play
  • Does a Self Managed Superannuation Fund need to be established
  • What contributions can be made
 

6

DECIDING BUSINESS STRUCTURES

  • What business structures will support my goals
  • What business structures help minimise tax and provide asset protection
 

7

DECIDING INHERITANCE ISSUES

  • Preparing a will that reflects succession and inheritance goals
  • Ensuring business structures are supportive of inheritance goals