Hawke’s Bay succession expert talking at national Fieldays

A Hawke’s Bay succession planning specialist has been invited to share his knowledge with agribusiness owners at this year’s New Zealand Agribusiness Fieldays.

Barry Rosenberg, a consultant with Moore Stephens Markhams Hawkes Bay, will be sharing his insights into a process that many family businesses struggle with.

His invitation came from the Institute of Chartered Accountants of Australia and New Zealand, which is hosting business seminars over a range of topics during the three-day event held at Mystery Creek in mid-June. Around 500 people are expected to attend the presentations.

Rosenberg, a Chartered Accountant, holds an MBA degree. In the research component of his degree he focused on succession planning and business exit. He now works predominantly with business owners from around the country wanting to pass the batten to the next generation.

His presentations will be generic around the succession planning process, emphasising that this is not an event but rather a procedure that can take considerable time to work through. He will identify the four main barriers to a successful succession and look at ways of overcoming them.

Agribusinesses have unique inter-generational aspects that can prove problematic, mainly because there is a high level of emotion attached to the land, he says.

Ideally farmers and business owners should have started thinking about their exits in the early to middle stages of their careers.

“From the day you start or buy a business, it’s important to give some thought to your ultimate exit. Whether you intend to hand the business down to another generation of your family or sell it, begin the process of discussion and communication early,” Rosenberg says.

“A serious lack of communication, vision, transparency, the insular nature of many out-going generation farmers and their unwillingness to ‘let go’, are the main causes for succession planning failures.”

However, Rosenberg points out that, in life, nothing Is impossible if the right attitude is adopted.

“It is particularly sad when I see the incoming generation, many who have spent say 10 years of their life working on the farm, getting agitated and restless because they have no clear pathway. Many are now leaving the farm. It is so important to open the communication lines early.”

For more information, contact:

Barry Rosenberg - 027 687 2693