Lessons from a lawyer and the secret sauce for successful family businesses

Country lawyer Claire Booth has worked with farming families on succession and estate planning for over a decade. She’s seen the best and the worst of it. Inspired by the mistakes she’s seen farming families make, and the financial fall out of these decisions, she applied for and was awarded a Nuffield Research Scholarship. Claire’s research went deep on the relationship between succession planning and a business’s bottom line. Talking with families all around the world who are running farming businesses, she discovered how a clear succession plan fostered happier family relationships, a positive work culture, and a thriving and profitable business. In this episode she shares these secret ingredients. Propagate is brought to you by the Young Farmer Business Program, an initiative of the NSW Department of Primary Industries