Diversification and innovation are helping multigenerational farming families survive and carry their properties through tough times, such as drought.

That is what the Parsons family is doing on their historic property Bloomfield, in the Derwent Valley about an hour west of Hobart.

"It's been good to diversify, particularly during drought years," Mrs Parsons said.

In 2011 the seven-generation farming family sold another property, developed irrigation for crops at Bloomfield, and renovated their historic stables for a luxury farmstay and fishery called 28 Gates.

The accommodation has been a good economic boost for the farming business according to Mrs Parsons, who does 100 per cent of the work, from cleaning to marketing and personally meeting guests.

"It's my baby — I want to do it properly," Mrs Parsons said.

Michael and Susie Parsons on their Derwent Valley property Bloomfield.

"I think it's really important for women to be up with things on the farm and know what's going on."

As another emerging sideline Mrs Parsons has also established is an online shop which she directs her guests to.

It sells clothes made with the property's own wool, made by the Australian Wool Network.

The Parsons family farm and their farmstay.

Thinking outside the square has saved this family farm

For a long time it looked like the Jones family from the southern Tasmanian community of Broadmarsh would stop farming with the seventh generation.

"I remember having a conversation with dad [who was running the farm] when I was in my early 20s and farming wasn't so great then," Richard said.

Richard could see at the time that it was hard to make a living out of farming — wool prices were at rock bottom.

Part of the original property that had been in the family for 105 years was sold.

Members of the Jones family; Andrew, Henry, Richard and Phillip on their sheep property.

"It was a devastating day," Richard said.

But an eleventh-hour decision to dip into some superannuation money brought two of the brothers, Andrew and Richard, home.

The sixth farming generation of the Jones family — father Phillip and his brother Henry — retired and the seventh generation of Richard and Andrew took over.

They are still running sheep, 2,000 merino ewes and prime lambs.

Did someone mention vines?

Brothers Andrew and Richard Jones mixing it up with wine grapes.

The sale of the original block meant the brothers needed to farm more intensively.

They decided to try to cash-in on Tasmania's growing reputation for cool climate grapes, planting 20,000 vines.

While Richard has been running the farm, dad Phillip has still been helping, Andrew has been on the farm three days a week, and they have two employees.

And what does the retired generation think about the new direction?

"Anyone would have said you're a fool if you mentioned vines 10 years ago, and here it is now," Phillip said.

"Richard and Andrew have done a remarkable job," he said.