Family businesses in and around the Central West region will have the opportunity to receive valuable tools and advice on succession planning from a team of industry experts at a free, one-day workshop to be held in Parkes on Thursday, November 28.
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Following the success of a similar event held in Narromine earlier this year, the National Association for Loss and Grief's (NALAG) 'Our Shout' program coordinator, Ms Brenda Baker, is hoping to improve the experiences of succession for a greater number of family businesses.
"The workshop in Narromine was attended by over 120 people and the feedback we received was overwhelmingly positive," she said.
NALAG's 'Our Shout' program promotes positive strategies to improve wellbeing and resilience in rural NSW communities.
"Communication in family-run business is crucial not only for financial success but also the emotional and mental wellbeing of all family members that are involved in the partnership," Ms Baker said.
"Family members that are able to express their needs and concerns in a way that is productive and supportive of other family members often leads to healthy and long term sustainable family partnerships that are able to weather the hardships of not only drought but of the many other challenges that face rural and regional communities."
The workshop's expert panel will include Family Succession Advisor, James Hamilton and Succession Law Specialist, Claire Booth.
Ms Booth said drought conditions should not deter families from succession planning.
"The impact on the drought for some farming families has meant people are stuck in a holding pattern, waiting for things to improve before starting or finishing succession planning," she said.
"However, what we're hearing from the banking sector is if a family has been thinking about a succession plan, now is actually a good time to sit down and discuss the options.
"Farmers rarely want a hand out, but a hand up - they want to be in charge of their future, and what happens to their land, especially when it comes to handing over assets or management to the next generation."
Regional Development Australia Central West's CEO Mr Sam Harma said the workshop will ensure attendees from across the Central West are empowered with powerful new communication skills.
"They will take home checklists on how to approach the succession plan as well as insights from the banking sector as to how best approach the bank when things are tough, cash flow is low, equity levels are stretched and the impact of drought affects even the most informed plan," he said.
"Family businesses are the back-bone of our communities and we're positive that the new skills and tools learnt at this workshop will have positive outcomes across the region."
The 'Family Matters: Succession Planning Workshop' will be held at Parkes Services Club from 9am - 4pm on Thursday, November 28 and is supported by Regional Development Australia Central West, Parkes Shire Council, Rural Financial Counselling Service and the Department of Primary Industries' Rural Resilience Program.
The workshop is free but registration is essential.
Registration is now open and will fill fast.
To register or for more event information, visit www.nalag.org.au/familymatters or contact NALAG NSW on 02 6882 9222.
