Preparing for meetings with professional advisers
Meetings with professional advisers for business, financial and succession planning can be expensive.
It is important to be well prepared for such meetings in order to optimise the use of their chargeable time. This document highlights some of background information that can be useful to have to hand.
To download your preparation checklist, click the download button below
Strategy and Planning – Reviewing Farm Business Plans and Agreements
𝗕𝗨𝗦𝗜𝗡𝗘𝗦𝗦 𝗔𝗣𝗣𝗥𝗔𝗜𝗦𝗔𝗟
A comprehensive business appraisal might sound daunting but guidance and support is available. A focus on reviewing historic accounts, understanding profitability, assessing cash flow and identifying and valuing assets is crucial.
Further appraisal and valuation information produced for FarmWell by Savills, along with some practical resources for business planning from AHDB, can be found here:
farmwell.org.uk/strategy-and-planning/
𝗙𝗔𝗥𝗠 𝗣𝗔𝗥𝗧𝗡𝗘𝗥𝗦𝗛𝗜𝗣 𝗔𝗚𝗥𝗘𝗘𝗠𝗘𝗡𝗧𝗦
If a partner leaves, retires or dies, your Farm Partnership Agreement will show its true value.
Without one, the partnership can be dissolved on the death of a partner, which means that debts must be settled and borrowings returned to lenders. It can also set out how disputes must be resolved when they arise.
Sentry Limited have shared advice on setting up a partnership, and along with other resources, it can be found here: https://farmwell.org.uk/farming_partnership_agreements/
𝗕𝗘𝗡𝗖𝗛𝗠𝗔𝗥𝗞𝗜𝗡𝗚
One of the best ways to find out how your business is performing is to measure it against the industry standard.
This kind of analysis will help you pinpoint where money is wasted and what your successes are, enabling you to move forward more profitably.
AHDB‘s Farmbench and DEFRA’s Farm Business Survey will guide you through the process, providing you with all the data you need, as well as support to analyse it.
You can find out more here: https://farmwell.org.uk/financial-management-and…/
