17 July 2026. Lachlan Tully, Young Producers Council Chair.
Succession is one of agriculture’s biggest ongoing challenges. At its heart, it’s less about transferring assets, more about transferring knowledge, trust and the ability to make the tough decisions.
I know it’s a complex issue. Many of Queensland’s farming businesses have an ageing ownership base, with the next generation often ready and willing to step up but without a clear pathway in place to bring them into the fold.
That is why succession matters to AgForce’s Young Producers Council. Without clear plans, businesses risk losing accumulated knowledge and community continuity. There’s also the danger that next-gen producers will become frustrated, disengaged or leave the industry entirely.
From my perspective, one of the biggest barriers is simply not having the conversation early enough. It’s not easy to talk about timing, expectations or the future of the family business. How the finances are structured is also a challenge. Things like equity, debt, tax considerations and making sure all family members are treated fairly must be considered.
Another challenge is making the big decisions. Young producers can be sharing the workload but are not always involved in the larger decisions. Succession is hard because it’s business and family intertwined.
So, what can we do? For me, starting those conversations long before any talk of impending retirement is key. Bringing in independent advisors like accountants or succession specialists can take the heat out of deeply personal financial discussions. Putting it on paper is important. A formal plan trumps an informal understanding. Or start small with a progressive transition of responsibility and decision-making.
Succession is not something to put off until late in your career. Young producers should be thinking about it now. When it’s done well it benefits everyone. It strengthens the business for the incoming generation while giving the outgoing generation confidence about their legacy.
In the end, succession done well isn’t about stepping back. It’s about building forward together.
