Behind Lachie Hart’s address at the recent Rural Press Club EKKA Breakfast about Stockyard’s journey as a family and a business is the message that success isn’t measured solely by growth or longevity—but also by how it’s shared. It’s this philosophy that has guided the Hart family and Stockyard through nearly seven decades of growth, innovation, and succession.
From the early days of Robin and Del Hart’s pioneering work to establish the business, to the leadership of the third generation, the Hart family have embraced their ‘business-family’ status and are charging into the future with positivity and purpose, underpinned by pro-active planning.
Key takeaways from the address
Planning for the Future: Governance with Purpose
The Hart family has embraced this through a dual governance structure: a corporate board with skilled non- executive directors, and a family board made up of Lachie, wife Sarah and their daughters Rebecca and Alexandra. This family board sets the direction for the business, fosters harmony, manages family investments, and prepares the next generation to be good business owners.
“Fostering harmony and belonging is a critical area of focus and often ignored by family businesses,” he shared. This governance model ensures that both business and family values are aligned, and that decisions are made with clarity and unity.
Business Family vs. Family Business
The Hart family places more weight on being a successful business family than simply running a successful family business. The difference? A family business may focus on keeping operations within the family, while a business family builds a legacy that can evolve and adapt across generations—even if not every member works in the business.
This mindset has helped Stockyard thrive in a competitive global market and it’s why in 2024, Stockyard appointed its first non-family CEO, Lisa Sharp, marking a considered step forward in professionalising leadership while keeping family values at the core.
Next-Gen Development: Investing in the Future
Preparing the next generation isn’t just about handing over the reins—it’s about building capability, confidence, and connection. The Hart family created a Next Gen program where Rebecca and Alexandra worked across every part of the business—from feedlots to finance—to understand “The Stockyard Way.”
This hands-on experience gave them a deep understanding of aspects of the business. But it also led to honest conversations. “They didn’t want the pressure of taking over the business to rest on their shoulders,” Lachie recalled. That openness led to a more flexible succession plan, one that prioritises readiness over obligation.
Into the future
It is generally regarded as a significant achievement for a family business to make it to a fourth generation and the Hart family and the Stockyard business is well placed to achieve this. Not just through business success, but through communication, governance, and a shared vision. As they prepare to welcome the first member of the fourth generation this November, the legacy continues.