Succession planning will prove a hot topic when the Finlaysons’ 24th annual wine road show holds a seminar in the region next week.
The event, to be held on August 30, features keynote speakers who are specialists in their field, including Finlaysons’ Wine Group leader Will Taylor.
“We’ve taken this seminar series right around to talk to winemakers on their own patch,” Mr Taylor said.
“A lot of feedback last year was that people wanted to talk more about succession planning.
“A lot are retiring, or semi-retired and ready to hand over to the new generation.”
Mr Taylor said too often family businesses avoided having the deep conversations about the future.
“Often it’s assumed that a certain child or children will take over the business, they assume the business will involve in a certain way,” he said.
“But succession planning should really start as soon as the kids are born and start running around the vineyard.
“Sometimes the children have been working on the farm and they’re in their late twenties and still haven’t really been told exactly when they’re going to get the farm; whether it’s in five or 20 years’ time.
“It doesn’t need to be set in stone and aspirations evolve but you’ve got to have those deep conversations.”
Other specialist speakers will include Brad Simmons and Robert Hemphill, of Mutual Trust, who will discuss the reasoning behind why 7- per cent of wealth transfers fail.
Shaun Allan and Richard Bund of Tilbrook Rasheed will also weigh in on creating a family business worth passing on, while Finlaysons’ Workplace Senior Associate Will Snow would discuss elevating a family business using family and non-family employees.
“I’d encourage any family wine business to come along,” Mr Taylor said.
“It’s really cheap legal advice.”
The seminar will be held from 3pm until 6pm at Murray Street Vineyards on Tuesday, August 30.
It is one of a number to be held around the country.