ITK: Does your family farm business need a board?
Description
Chris Schied has been a business advisor for more than the last 25 years. Across his career he's learnt a few things about what it takes for family business and farming businesses to succeed.
A few things we chat about:
- Family boards are essential in agriculture for effective strategy, governance, risk management, and succession planning.
- Family boards should meet at least twice a year, with an annual general meeting to review past performance and plan for the future.
- Non-returning family members and external advisors should be involved in family board meetings.
- Emotion should not be removed from decision-making in family businesses, as it plays a role in succession planning and understanding the purpose of the business.
LivestockSA Partnership:
Today's episode is part of our partnership with Livestock SA's AgRi-Silience program, designed to improve strategic planning and long-term resilience for forward-looking South Australian livestock and broadacre enterprises.
Participants of the program get one-on-one coaching, tailored advice from a consultant and get the chance to meet a network of other farmers enabling long term strategic planning to sustain your business into the future.
Funded by the Australian Government and the Government of South Australia as part of the Future Drought Fund’s Farm Business Resilience Program, AgRi-Silience has already helped over 1000 South Australian farmers build financial literacy, confidence in decision-making, and essential resilience skills.
You can secure your place and take the next step towards a more resilient future by visiting the AgRi-Silience page on the Livestock SA website www.livestocksa.org.au.
United States
