Along the backroads at the gateway to the Whitsundays, William and Sharron Pratt are taking a proactive approach to secure the long-term future of their mixed farming enterprise.
Operating on the outskirts of Proserpine, the Pratts participated in the Farm Business Analysis Assistance program – delivered by the Queensland Rural and Industry Development Authority (QRIDA) – to set their business up for success.
“The last couple of years, I thought I’d come in and bring William’s admin side into the 21st century,” Sharron said.
“The previous business manager exposed us to QRIDA and I saw all of the opportunities to better your farm across succession planning, sustainability loans and drought preparedness.
“It’s a long process, but with using QRIDA’s Farm Business Analysis Assistance, we can get things done a little bit quicker.”
The free, no-obligation report has provided the couple with a comprehensive overview of their cattle and cane operation, allowing them to map out financial scenarios over the next decade.
“It’s good to have it all down on paper and run through all the options financially over the next 10 years,” William said. “It was so much better than doing it in your head.”
Working with independent consultants from BDO, the Pratts developed forecasts through to 2035, identifying short, medium and long-term goals for the business.
“It gives you a bit of peace of mind because you know where you are at,” Sharron said.
The detailed planning has also strengthened their position with lenders.
“The bank manager loved it,” William said. “And if you’ve got a project you want to do, it shows you straight away where you’re going to end up in 10 years.”
For the Pratts, planning is also about preparing the next generation. Their adult children are already part of the conversation, with the expectation they will one day return to take over the family operation.
“They can see that they’re actually creating and building something more that hopefully will be intergenerational for decades to come,” Sharron said.
QRIDA farm debt restructure officer manager Daniel Elder said the program was designed to give producers clarity and confidence.
“The Farm Business Analysis Assistance program is an eight-week process by which we review your historical financial position and look at your prospects going forward,” he said.
“Producers receive guidance from an independent provider who assesses the business and delivers an impartial report with recommendations.”
The program is open to existing, past and aspiring primary producers looking to strengthen their operations, explore succession pathways or consider diversification options.
For the Pratts, the message is simple.
“Failing to plan is planning to fail,” Sharron said.
