An Introductory Video Snippet:
The Full Episode Audio:
Show Notes:
In this episode, recorded live at the 2024 Cotton Conference on the Gold Coast, Ben interviews the Lawrie Family of Moora Plains, QLD - a prime example of what he terms a ‘High Performing Family’. Drawing from his 25-year career working with farming families, Ben has identified this as the key difference between those that successfully navigate succession - and the alarming number that don't.
Andrew and Meagan Lawrie openly share their approach and experience with succession, emphasizing the importance of strong family relationships alongside financial stability. They detail how early conversations and involving their children’s partners have fortified family bonds. Andrew also highlights the value of ongoing education and personal development, stressing how continuous learning has been pivotal for their family’s growth. Additionally, insights into raising hardworking, conscientious children and avoiding the pitfalls of entitlement are shared.
The episode also delves into the perspective of younger family members, who are balancing career ambitions with future succession plans, and offers advice for those in similar situations.
Succession is presented as a continuous process, not a one-time event. Starting early, embracing external help, and maintaining flexibility in plans are crucial takeaways from this insightful discussion. Tune in to learn how these principles can help ensure a thriving future for any family agribusiness.
If you're looking to deepen your understanding of successful succession planning, don't miss our upcoming 'Generations Ahead: Succession-Proof Your Family' Webinar on Wednesday 28th August 2024. We'll address key issues in succession planning and share strategies similar to those discussed in this episode, helping you ensure a higher success rate for your family's future.
Visit https://agricoach.com.au/webinar/ to learn more and register now to secure the early-bird price!
We’ve uploaded the full Cotton Conference interview to our YouTube channel. If you'd prefer to watch than listen, you can view the video here: https://youtu.be/BdgUFRFCZHo.
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Ben spent over 20 years working with successful business owners and farming families which allowed him to unearth the timeless principles on how to successfully grow, protect and maintain wealth.
If you want to learn the principles of how to grow your family’s wealth throughout the generations, then you might consider joining The AgriCoach Podcast each fortnight for more Wealth & Wisdom.
Disclaimer: The information contained in this podcast is general in nature and for education purposes only. It is not financial advice. It is not legal advice. No one should act on the information without appropriate specific advice for your particular circumstances. Ben Law is a former financial advisor but is no longer licensed and cannot and will not give you specific or personal advice in this podcast. The Financial Bloke Group Pty Ltd accepts no responsibility for any loss or damage occasioned by any person acting or refraining from action as a result of reliance on the information in this podcast.