Changing

Changing is the phase of stepping back — reducing day-to-day involvement, spending more time on lifestyle and other interests, and transferring management and ownership to a new team.

People here often hold high responsibility, control and equity, and want to hand over to a new management team. The experience and knowledge they have built is valuable to pass on. They could be longer-term management employees, farm owners, or family members with significant responsibilities and equity.

Plan the handover so the transition in management and control is smooth. If no one within the business can take on the roles of the person stepping back, that is a barrier to change — so identify and train potential successors early, and use coaching and mentoring to transfer skills and knowledge (see Managing Performance). Review all position descriptions so changed roles are documented and clear (see Defining the Role), and keep communicating, with regular team meetings to monitor the change (see The People Snapshot).

People handing over responsibility also need to think through their next phase: where they will live, how they will spend their time, and whether their savings will support them in retirement. Options for funding retirement — such as superannuation, selling or leasing the farm (see Leasing), or retaining a share of the business — are complex and personal, so it is wise to seek professional advice (see Getting Help with Planning). The Business & succession section covers retirement income strategies, business structures and related choices in more detail.