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Farming Forward
Family and Farming
family succession and planning for the future? just wondering how many of you find this a positive experience and have any tips and advice for others?
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<blockquote data-quote="MikeNeaverson" data-source="post: 7327447" data-attributes="member: 3731"><p>Lucky here to get on very well with all my parents and extended family and we have a business diversity and structure remarkably similar to Spuds. The only difference is that I set up my own company instead of joining the partnership which has worked extremely well so far. </p><p></p><p>I came back to the family business a few years ago after nearly a decade working in management for others. Both Dad and I wanted to sort the structure out early doors and went to see our accountant who knows the business well and isn't scared to say it how he sees it. </p><p></p><p>Because wanted to set up a couple of brand new enterprise, keeping these in a separate business away from the rest of the family was justifiable. It means that I take all the responsibility but also all the risk. I appreciate that this is not so easy to do for existing business enterprises. </p><p></p><p>The main downside from my point of view was that borrowing money was difficult for a few years as a new business, and it does cost another £1500 a year in accounting. </p><p></p><p>If that is the route you're looking at, it may also be worth considering splitting the business of land tenure from the business of actually farming.</p><p></p><p>In my experience it's far cleaner to pay family a fair rent for land, buildings or machinery than have them as a sleeping partner in the business.</p></blockquote><p></p>
[QUOTE="MikeNeaverson, post: 7327447, member: 3731"] Lucky here to get on very well with all my parents and extended family and we have a business diversity and structure remarkably similar to Spuds. The only difference is that I set up my own company instead of joining the partnership which has worked extremely well so far. I came back to the family business a few years ago after nearly a decade working in management for others. Both Dad and I wanted to sort the structure out early doors and went to see our accountant who knows the business well and isn't scared to say it how he sees it. Because wanted to set up a couple of brand new enterprise, keeping these in a separate business away from the rest of the family was justifiable. It means that I take all the responsibility but also all the risk. I appreciate that this is not so easy to do for existing business enterprises. The main downside from my point of view was that borrowing money was difficult for a few years as a new business, and it does cost another £1500 a year in accounting. If that is the route you're looking at, it may also be worth considering splitting the business of land tenure from the business of actually farming. In my experience it's far cleaner to pay family a fair rent for land, buildings or machinery than have them as a sleeping partner in the business. [/QUOTE]
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Farming Forward
Family and Farming
family succession and planning for the future? just wondering how many of you find this a positive experience and have any tips and advice for others?
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