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Succession is back in the headlines—and this time it's louder than ever. As Rabobank NZ CEO Todd Charteris emphasised recently, “succession is not a moment in time – it’s a process that takes years of planning, conversation and adaptation”.
Meanwhile, Agri Undergraduate Georgia Checkley – writing an opinion piece in the Farmers Weekly from the perspective of a young farmer rightly warns that “without clear succession plans nationwide we look to see a decline in productivity across the agriculture sector”
The data reveals the urgency: 23% of families have a well thought out succession plan for the farm, 17% have spoken of the topic and 50% of families have not even mentioned succession.
With over $150 billion in farm assets set to transfer in the coming decade, the stakes couldn’t be higher.
Too often, succession is framed as a single event or a handover moment. In reality, it’s a strategic process that starts years in advance.
We wrote this article “If You’re Thinking About Succession, Start by Redefining It” – a few years ago as a framework for how NZAB helps their farmers in this space, and it's become even more relevant today - so please make some time to read it.
We see succession not as a single transaction, but a multi-year journey which starts with creating a strong business in the first instance. The article reshapes the narrative around four vital shifts:
1. Redefine succession as building a great business
Succession isn't just about dividing assets—it's about building a high-performing, value-driven business that the next generation wants to be part of. A great business naturally attracts family engagement, capital, and talent. Start here, not with spreadsheets.
2. Purpose, vision, and strategy comes first
Successful intergenerational farms start with a clear “why,” a compelling vision, and a simple, focused strategy. This clarity unites the family, aligns decisions, and gives everyone from shareholders to staff a reason to buy-in.
3. Set the business up to perform, then structure it around this
Strong operating performance, clear roles, and a future-facing organisational structure makes a farm business investable and sustainable. Succession planning should grow from this foundation not the other way around.
4. Get independent help and make it continuous
This isn’t a one-off event, it’s an evolving strategic process that needs independent facilitation. Bring in outside expertise, embed succession into regular governance, and treat it as a standing agenda item and not a retirement trigger.
After you’ve read the article, drop us a line for a no obligation chat. Feel free to call one of our local team members in Southland, Canterbury, Manawatu, Taranaki or Waikato (or flick us a quick email here)
NZAB helps farming families build businesses worth succeeding into. We combine financial insight, strategy, and governance experience to support multi-generational transitions that work. If you're thinking about succession, let’s talk about making your farm business one the next generation wants to run—not just inherit.