Study into Aus ag's succession shortfall

This harsh reality is behind a study by MS&A and the University of Melbourne that will analyse successful multi-generational successions through case studies and surveys.

"Of the broadacre farms in Australia, 70 per cent have a gross farm income of $390,000 or less," Mr Stephens said.

"Less than 16,000 farm businesses have the means for the trifecta in regard to retirement, succession and dealing with on-farm children - that is the reality."

Mr Stephens said the study was motivated by the concerns of Australia's farming family identity.

"The reality is that succession is not an option for most farming families but it could be if they started early enough - when their kids were four, not 40," he said.

"We need to look at how Australia went from 300,000 farms at the beginning of last century to a point where we have only 15,000 truly viable broadacre farms today.

"If people are serious about saying the future of Australian agriculture is the family farm then we need to work out what family farmers have to do to strategically be able to retire, leave a viable farm and deal equitably with the non-farming children."

The study will examine the succession of Australian families whose operations have survived the transition through several generations, as well as a conduct a public survey and carry out formal analysis of the results.

"Some succession planning is embraced by families who engage a group of professionals," Mr Stephens said.

"The team needs people who know about accountancy, law, farm management and people.

"Some have done it extraordinarily well.

"For others, either because of family dysfunction or because an individual consultant thinks they can do it on their own, it is done very poorly.

"It has to be a team family and team support approach."