Claudia Bryant is a third year rural science student and chair of the Robb College Rural Focus organising committee.
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She is also a good example about why the University of New England (UNE) is hosting a symposium that looks at family farms.
“My parents had to sell our family farm in the last drought,” Claudia said. “So, if I wanted to go back into farming I don’t know exactly how I would do it or where I would start.”
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Ways to get-in to agriculture, invest, grow and hand-on the family farm will be addressed at this year’s Rural Focus Symposium hosted by the university on August 2 as part of UNE Ag-Week.
Claire Marriott is also a third year degree student at UNE studying rural science and agriculture.
She is a daughter in a farming family that goes back generations.
“I have two brothers who are also interested in agriculture and farming. In terms of succession planning it’s just a matter of getting everyone together to talk about it,” she said.
These sentiments seem typical of many young people who are trying to sort out their future, who aspire to either get into farming or begin the process of working out how the transition of the next generation is going to occur.
Geoff Perry, chairman of the Robb College Foundation Association, is behind organising the Symposium and says the topic of investment or succession is of front-of-mind for students looking to establish their future on the land.
“This is why we chose this theme this year and we are very fortunate to have some of the best and most experienced people either living in or coming to Armidale to address the symposium,” Mr Perry said.
How to get into farming
The conference looks firstly at examples of how people, who don’t own farms, are getting into farming. Using either new technology or variants of different models of funding by share-farming, leasing or joint-equity arrangements.
“We will see creative examples of farm ownership achieved by people who have come from farming backgrounds and who understand the issues, as well as hearing from professional corporate investors who have messages and lessons on how the independent farmer can grow”.
The conference has a strong line-up of speakers from industry and university including Mr David Bryant who is the Managing Director of Rural Funds Management Ltd one of the largest, publicly listed companies specialising in agriculture in Australia. He manages over $740 million in agricultural assets across a diverse range of activities. He will speak to their model of leasing and how they measure risk in the industry.
Australian-based partner from TerraProtein Equity Partners, Hamish Webb, a UNE Graduate in Agri-Business, will also be among the Symposium’s keynote speakers and will address equity-funding or joint-share arrangements.
“Historically there have really only been two ways to become a farmer – one, inherit the family farm, or two, borrow a large amount of debt to purchase the land or agribusiness from scratch,” he says.
“That is starting to change thanks largely to financial investors seeking to engage and retain farm management and also the traditional family farmer’s openness to joint ownership and investment.”
Family farm succession
The second theme of the conference is family farm succession.
“This is proving of great interest and we are very fortunate to have three of the most experienced and qualified advisors in Australia coming to share their expertise,” Mr Perry said.
Isobel Knight is one of the succession planning speakers who specialise in this area. She has been the owner and director of one of Australia’s leading family farm succession planning business Proagtive since 2004. Isobel will address The impact and growing role of women in succession.
Bill Adams, a partner in Next Rural, will address five key steps for successful generation transition and Paul Williams a tax and estate-planning specialist from Roberts & Morrow will look at the latest tax issues and examples of where it can go wrong.
“Everyone from a family farm background has a story on succession and unfortunately many don’t seem to have had positive outcomes,” Mr Perry said.
“It is a sensitive area and I think many don’t know where or how to start. These speakers will help by bringing a combined experience that is current and relevant from dealing with hundreds of Australian farming families.”
The Symposium will cover topics and discussions. Mr Perry said it is a lively question and answer style of seminar where attendees get to interact with the speakers and concludes with a Q&A panel where you can have your questions and issues discussed.
The Symposium is also good timing to help give a kick-start to the recent announcement by the Armidale Regional Council who has identified agriculture as well as education as two industries for strategic growth and development in the region.
The program is suitable for family farming members, primary producers, agricultural consultants and service providers, research & policy makers, rural investment brokers and agriculture students.
To register for the symposium go to www.une.edu.au/ruralfocus.
