Delayed succession is resolved with Counsellor support
RBS was able to assist and mediate through a continually delayed farm succession and assisted the farm owners in transitioning ownership to the next generation. The Business Financial Counsellor had previously worked with the client’s parents, several years prior, during the millennial drought.
The clients were waiting to take over the family farm from their parents. Years of difficult farming conditions and family differences created roadblocks and delayed the process. The Business Financial Counsellor was able to help the parents apply for the Farm Household Allowance (FHA) to alleviate their financial pressures, creating a smoother path for the eventual transition.
Despite both generations acknowledging that it was time for succession to occur, other factors kept preventing it from happening. The Business Financial Counsellor was able to act as an impartial mediator between the two generations to enable the succession to continue to move forward and eventually result in the client’s taking over the farm.
Once completed the Business Financial Counsellor assisted them by reviewing their financials and identifying their most viable areas of the business.
The clients are hopeful that with RBS’s help they will be able to qualify for their own FHA and are looking forward to the possible training course opportunities that come with the association.
“Without the Business Financial Counsellor, we would not have been able to take the farm over this year. They have been the ones who have helped us through this tricky situation.” said the client.