Thinking about the future can be difficult when you are busy running and growing your farming business.
But part of building a business now is planning for when you want to call it a day. It may seem a long way off, but the earlier you start planning the better.
Every business needs an exit and succession plan to pave the way for a smooth transfer of ownership, so that one day you can reap the benefits of your hard work and investment.
You may be hoping to pass your enterprise to family members or perhaps to a business partner or even a trusted employee. Or you may plan to sell up for the best possible price, to ensure a comfortable retirement.
Succession planning can be challenging, particularly if a family is involved, but as neutral, objective advisers, Moore Thompson’s agricultural specialists can provide expert advice and support to help you take the steps necessary to achieve the survival of the business you have worked so hard for.
For example, in a family succession, the business may not be large enough to provide a living for all the potential successors and we can help you decide how best to structure its ownership in the future.
Where there is no interest from the successor generation and a disposal is the best option, we can advise on issues including valuing your business, grooming it for sale and finding a buyer, as well as how on timing of the sale to maximise tax efficiency.
For further details or to arrange a free, no obligation meeting, please contact a member of our agriculture and rural affairs team.
For more information on Moore Thompson Chartered Accountants in Spalding, Wisbech, Market Deeping, Cambridgeshire and Lincolnshire, please contact us.