Once in a lifetime: Sow, Grow or Harvest?
The opportunity for Australian agribusiness
Agribusiness is the backbone of the Australian economy. But the winds of change are blowing. PwC modelling estimates that more than 350,000 family and private businesses - including agribusinesses - plan to either sell or pass on to the next generation in the next five years. Getting this transfer right is crucial, not only for the agribusiness, but also for the broader economy.
Something big is happening.
Agribusinesses face unique challenges. On the one hand, there’s a lack of capital, an ageing workforce, and a decline in young people entering the sector. But on the other, businesses are performing well, the market is buoyant, and growth prospects for ‘brand Australia’ are bright.
Business owners have some tough decisions ahead. But whatever path they choose to take – sowing seeds of improvement, growing through the next generation, or harvesting via a sale – with careful planning and the right actions they can reap the rewards.
PwC’s ‘Once in a lifetime: Sow, Grow or Harvest?’ report aims to help owners navigate their options by shining a light on the key issues and opportunities currently at play in the sector.
We explore the drivers behind the current intergenerational transfer of wealth and outline why it’s essential for Australia to get it right. We also clarify the critical decisions that retiring or exiting agribusiness owners need to think about and offer guidance on how to make sure their next move is a success.
At a glance
Australia’s agricultural landscape is transforming as the current generation of family farmers look to either pass on the reins or sell up their land.
As the biggest contributor to our economic growth, our continued economic prosperity, and the security and sustainability of our food supply are closely tied to making sure the transfer of agribusiness wealth in progress or set to take place over the next decade is successful.
Insights from Bindaree Beef’s CEO Andrew McDonald
Finding the right partner, getting prepared and focusing on people were the keys to Bindaree Beef’s successful equity raising, which will see the family business supplying more of its premium branded beef to growing international markets.
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