Mr and Mrs Peters had the Wairere South franchise for the region before becoming Peters Genetics in 2012.
''We still sell the Wairarapa genetics,'' Mr Peters said.
They run 60,000 stock units over six farms and also have Peters Romneys and Peters Angus studs.
''It is a low-cost operation and we focus on innovation and family succession,'' he said.
''Farming is a very high-cost business to get into but one with a low cash return.
''We have focused on a process for succession planning to ensure that business decisions on the property can focus on the long term, knowing that there will be a continuity of investment both in terms of ownership and development opportunities.''
Mr and Mrs Peters moved to the Teviot Valley Station, near Millers Flat, Central Otago, eight years ago, and two months ago bought a nearby property, leaving their farm manager to live at the station. They have three grown-up children, all of whom are involved in farming: Clayton, who is married to Jeannette, in Dunrobin; Morgan, who is married to Megan, in Moa Flat, and Justine, who is married to Don McLachlan, in Gisborne.
Mrs Peters described the past 20 years as an ''amazing journey''.
''We are really caretakers of the land and looking after it for the next generation,'' Mrs Peters said.
''We have to be sustainable but balance that with good farming practices, otherwise as farmers we won't be able to make a dollar off it.''
Mr Peters said he welcomed the judging process and the opportunity to see how the farm measured up from the point of view of outside experts taking an independent review of the business.