Waikato AgriBusiness News May 2023

8 WAIKATO AGRIBUSINESS NEWS, MAY 2023
Severe weather events show the value
of New Zealand’s rescue helicopters
New Zealand’s Rescue Helicopters flew
dozens of critical missions during and
after recent storm events across the
country, helping save lives and offering
an ongoing lifeline to those trapped by
floods and slips.
The heroic efforts of
chopper crews come
after another recordbreaking
year of missions in
2022. A total of 9,847 rescues
were carried out across the
country, including 890 in the
Waikato-King Country region.
With Chopper Appeal
Month having just finsihed,
Waikato Westpac Rescue
Helicopter group manager
Vanessa Richmond says public
fundraising will ensure rescue
helicopters are available
to Kiwi communities during
future disasters.
“We sent multiple aircraft
to support the Hawke’s Bay/
Tairāwhiti relief effort in the
wake of Cyclone Gabrielle,
including one of the Waikato
Westpac Rescue Helicopters,”
she says.
“We worked tirelessly
together with local rescue
crews, to save or help
as many people as possible
while working in challenging
conditions and with limited
communications.
“Our crews were involved
WE LOVE WORKING WITH THE
CHOPPERS TO MAKE AOTEAROA
A SAFER, GREATER PLACE
in rescue missions, transferring
rescue supplies, medical
supply drops and bringing
communications equipment
into Gisborne that helped
stranded locals reconnect with
loved ones.
“We’re proud to have been
able to support New Zealanders
during this incredibly difficult
time, and are grateful for
any donations that will allow
us to continue to help people
in need.”
Westpac NZ chief executive
Catherine McGrath recently
visited the East Coast and
Hawke’s Bay to see the extent
of weather damage and the
scale of the recovery ahead.
She’s asking the public to give
generously to support the rescue
helicopters’ vital work
both in those regions and
around the country.
“We love working with the
choppers to make Aotearoa a
safer, greater place – whether
it’s during large-scale emergencies
or helping people who
get into trouble in their dayto-day
lives,” McGrath says.
“Recent events have highlighted
that a chopper is
always there for you, no matter
where you are or what
you’re doing, and our fundraising
during the month of
May really helps to keep them
flying.”
“We know there are communities
struggling to make
ends meet at the moment, so
please give only what you can.
Every dollar will go directly to
your local chopper and help
towards keeping them in the
air.”
Westpac funds the marketing
and administration costs
of the Chopper Appeal and
distributes all funds raised
back to donors’ local rescue
helicopter trust.
People wishing to make
a donation or find out
more information can visit
www.chopperappeal.co.nz.
Hot Tips for Successful Farm Succession
Farming is a way of life, so it can be difficult to imagine handing over the reins, exiting from it altogether or
selling a particular farming asset. For many, planning for rural farm succession doesn’t come easily, forcing
you to think about the unexpected and plan ahead for what you want to happen. In this article, Gallie Miles
rural farm succession experts Sue Garmonsway and Alex McIvor walk you through the rural farm succession
process and share their top tips on having a robust rural succession plan.
Consider the ‘what ifs’
While you’re busy living your dayto-day
of life, thinking about the
unimaginable ‘what if’ scenarios
of life can be difficult. Working
through these is key to having a
robust succession plan.
“In life, things can go wrong and
the unexpected can crop up,” says
Sue.
“A good succession plan requires
consideration of all the ‘what
ifs’ – death, separation, loss of
capacity, family falling out, new
in-laws becoming involved.”
“As part of our succession
planning discussions, we
encourage you to have those
difficult conversations and
workshop through all the ‘what
ifs’ so that you can be clear about
what you want to happen.”
“I’m like the pessimist in the
equation. I come up with
everything bad that could happen
and derail the outcome they
want and force people to think
about those ‘what ifs’. They’re
all relevant to the succession
equation.”
Get everyone in the same room
Having a good professional team
surrounding you helps you to map
out your options and shape your
plan.
“Ideally, your lawyer, accountant
and banker are all together in the
one room when the plan is being
discussed and formulated,” says
Alex.
“Each professional brings a
slightly different perspective to
the debate, which helps you to
consider all avenues and options.”
“What I think of as a fantastic
plan may have disastrous
tax implications. What your
accountant thinks will work might
not be legally robust, and what
your accountant and lawyer come
up with, the bank might not
finance,” adds Sue.
“It’s really important to have all
those professionals involved
at the outset to try to make a
difficult process easier.”
Every plan is different
There is no one size fits all
solution, or one single approach.
“It depends on the assets,
outcomes and personalities
involved,” says Sue.
“For the person leaving the farm,
it’s about ‘how much do I still
want to earn as a living,’ and for
the ones coming in, it’s a question
of ‘what can I afford to pay?’”
“Managing expectations can be
hard and everyone’s perspectives
need to be considered.”
It’s a commitment in time and
energy
Alex says the process takes
time to get it right, and it’s a
commitment in both time and
energy.
“It takes time and requires
commitment from all parties,”
says Alex.
“Some people take longer to
get onto the same page or
come around to a succession
discussion, and emotions can run
high at times. Some are happy
to take risks, and others want to
mitigate every risk possible and
don’t care what it costs.”
Consider all structures
Good succession requires
consideration of all of the
structures available, says Sue.
“Each situation is different, and a
company, a trust, or partnership
may be appropriate,” she says.
“Trusts add an extra level of
complexity and were often
drafted for specific reasons at a
given moment in time. But they
are still a useful way to achieve
succession,” she says.
“However the farming business is
Alex and Sue
being operated, documentation
also needs careful consideration,
including Wills, Enduring
Powers of Attorney, Shareholder
Agreement and Partnership
Agreement.”
At the end of the day, it’s
about being thorough, seeking
professional advice and having
those difficult conversations to
get everyone on the same page.
“The biggest thing we can’t
stress enough is the need for a
really well documented plan. A
lawyer is crucial to that,” says
Alex.
“When you look at the individual
farm succession transactions
in isolation, unless you have
context, it’s really hard down the
track to look into the reasons
behind each decision made.
Also if someone dies during
the process, you need a legally
enforceable document.”
_ Hamilton/Te Awamutu/Otorohanga _
Contact the Gallie Miles team
to start your succession
journey.
Email: sue@gallie.co.nz or
alex@gallie.co.nz
Phone 0800 872 0560
Visit www.galliemiles.co.nz