Family farming masterclasses a resounding success

A recently concluded week of family farming masterclasses was a resounding success, the Namibia Agricultural Union (NAU) said.

The classes, presented by co-founder and CEO of Galileo Capital and his team from 20 to 23 November, were held in Keetmanshoop, Tsumeb and Okahandja, and were all fully booked with significant interest from attendees.

According to NAU, accommodating last-minute requests was not possible.

“Thank you to the young farmers and regional representatives who actively promoted these events. This initiative allowed members to explore opportunities for building, receiving, earning and transferring assets successfully and responsibly,” the union said.

It said discussions also delved into sensitive topics, such as the challenges faced when a family farm transitions from one generation to the next.

“Important considerations were highlighted, emphasising the need to envision the family business over several generations.”

10 pillars

According to the NAU, the 10 pillars that form the foundation of a family business were thoroughly discussed and illustrated with examples, ensuring practical relevance beyond an academic exercise.

Key aspects covered were estate planning, the significance of long-term leases and financial planning to ensure future generations' financial independence in managing the farm.

The NAU said looking ahead, there are plans for another week of these classes, presented by Vorster next year, with details to be communicated.

Suggestions for future locations include Gobabis, Mariental and Otjiwarongo.

The union said with future masterclasses in the pipeline, Vorster and his team can provide valuable insights into Namibian legislation, taxation and financial aspects.

Members are invited to provide input and questions as they continue to navigate critical discussions. “Any active engagement ensures that we address the diverse needs and challenges faced by our members in the agricultural sector.”