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Home  :  Creating an individual plan

Creating an individual plan

Two useful templates to help with planning for the future:

  • each person in the business can use the individual plan; and
  • the strategic plan can be used to plan for the business

GROW stands for:

Goals: a list of the vision and specific achievable goals for an individual.
Reality: What is likely to be achievable taking into consideration resources and capability.
Options: Specific options that can be considered in achieving the realistic goals.
Way forward: A written pathway forward that includes resources, people, costs and time frames.

Here are some case studies that demonstrate the GROW process for a cross section of people in the dairy industry.

Case study 1: The Hallyburtons easing into retirement

Neville Hallyburton plans to work on his dairy farm as long as he remains fit and healthy, but it hasn’t stopped the family developing a succession plan for the business which includes regular father and son fishing trips. more>>

Case study 2: The Newtons’ family farm with 2 generations

  • The Newton family background
  • Their Strategic Plan
  • Individual Plan – Bruce (father)
  • Individual Plan – Lynne (mother)
  • Individual Plan – Tim (son)
  • Individual Plan – Justin (employee)

Some things to consider in the planning process

  • Identify and communicate openly with interested parties to determine who wants to be involved, and to what level
  • Build capacity to manage and hopefully resolve disputes and manage change. This may require involvement from outside advisers (e.g. a meeting facilitator or consultant)
  • Make sure individuals have the opportunity to openly express their goals for the future, ideas or opinions
  • Create a healthy group culture which will enable a goal for the future of the business to be discussed and developed
  • Be clear about what is expected of the individuals who are involved in the planning process and the time frames
  • Remember the need to ensure that relationships are preserved as well as focusing on the business planning

The grains industry has published A Guide to Succession: Sustaining Families and Farms covering many of the above issues and capturing a wealth of practical experiences.

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Phases

  • Starting out
  • Growing
  • Changing

In This Module

  • Stepping Stones
  • Creating an individual plan
  • Getting help with planning
  • Stepping Back – Game plan
  • Understanding change
  • Share dairy farming
  • Leasing a farm
  • Shared equity arrangements
  • Business structures
  • Retirement income
  • Estate planning

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