In this episode, my guest is Ben Law, former financial advisor turned podcaster and strategic coach for agribusinesses and the rural community – helping them grow, protect, and transition family wealth by addressing the problems and pitfalls of succession.
We discuss the importance of preparing the next generation to be good custodians of wealth by cultivating early succession planning. We also explore how fear, language, and financial transparency all play a role in whether or not a farm family thrives. By the end of the episode, you’ll understand how the combination of wealth, wisdom, and wellness are key factors in the overall success of high-performance farm families.
“[You want the next generation to] have to have a growth mindset. They have to be always learning. It doesn’t necessarily have to mean they do formal education and go off to university and get a degree, but they must be looking at ways to improve their technical knowledge and their financial knowledge. Number two is you surround them with other advisors like you involve them with your accountant. You involve them with your bank manager. From a young age, if you’ve got a financial advisor, so they start to learn those skills, and it’s your job to help them start to get involved in doing the office work.” -Ben Law
Mentioned During This Episode
Books
People
Podcasts & Blogs
- The AgriCoach Podcast [Episode 80]
- How To Get Your Non-Farm Siblings On Board With Your Farm Vision by Elaine Froese
Other
Elaine Froese Resources & Links
- SPEAKING – book Elaine for your next event
- COACHING – find your Farm Transition Coach
- MEMBERSHIP – join the waitlist for the Farm Family Harmony Membership
- RESOURCES – download for FREE
- CONTACT – take the next steps in your transition
- BURNING QUESTION? Submit it here for Elaine or her coaches
About Our Guest
Ben Law grew up on a beef cattle and cropping property on the Liverpool Plains in Northwest NSW. His family has been farming now for 3 generations, giving Ben a deep understanding of the business of farming and how business owners and farmers think.
Being from the land, Ben’s real passion is helping farming families and the greater rural community grow and thrive. With a degree in Agricultural Economics, he started out trying to do this as a Financial Adviser. He spent over 20 years advising farming families but soon realized that he could only reach a very limited number of people this way.
Ben eventually sold his financial advice business and handed in his financial advice licence, switching his full-time focus to educating as many people as possible via his AgriCoach Podcast and Strategic Coaching for agribusinesses and rural families.
His Strategic Coaching is for farming families and agribusinesses who are looking to really grab the bull by the horns, to focus, plan, prioritise, and work through the roadblocks they’re facing.
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Timestamps
[0:00:30] Introduction to Ben Law
[0:05:58] Why some farm families thrive and others don’t
[0:08:03] The 3 factors of wealth, wisdom, and wellness
[0:01][0:06] Being proactive vs reactive
[0:12:41] High-performing families are built, not born
[0:15:37] How Ben got clarity on his new identity
[0:18:00] Using language to understand what someone truly wants
[0:23:30] How to address to fear of failure
[0:27:30] The telltale signs that a succession either will or won’t be successful
[0:30:43] Why all generations need to be at the table (including both on and off-farm siblings)
[0:35:20] It’s the unsaid things that are the problem
[0:36:39] How can you add value to the farm as an off-farm family member?
[0:41:09] A hopeful message to any despondent mom’s
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