At Martin Wakefield we are Business Advisors to clients across a very wide range of industries, in addition we have developed a team of specialists to provide advice in the Agribusiness sector.
- A current major issue in Agri business is succession planning, it is critical to establish a well-designed succession plan. Most family farming companies operating these days are multi-million dollar businesses and passing the shares in these businesses from one generation to the next while trying to be fair to all siblings takes a lot of planning and communication with all members of the family to ensure a successful outcome (with all family members still speaking to each other around the table at Christmas time)
We have vast experience in succession planning and would consider ourselves to be experts in this area.
- There is no standard template for succession planning as every family situation is different, this is where our extensive experience is a great advantage as we are able to use our wealth of knowledge to assist families through this transition as we have done for many farming families in the past, all of which have resulted in all family members feeling satisfied with the outcome
- This is not just a quick meeting, it is a series of meetings which will at some stage involve meeting with all of your business advisors, bank manager, lawyer, accountant, farm advisor.
- The most important aspect of the process is transparency, all family members (including those not returning to the family farm) need to be involved and kept up to date with the plan as it effects everyone in some form.
- We have extensive experience and assisting clients through the process of irrigation development and dairy conversions. In some cases we need to look at other farming options in order to make the succession plan viable and provide sufficient income for parents in retirement as well as their children. We have the relevant information and knowledge to take you through these options if necessary.
- We view farm visits to our client's properties to be an essential part of being able to provide effective, relevant business advice.
- Monthly cashflow budgets to work through with yourself, your farm advisor and your bank.
- Monthly reporting using either Banklink or Cashmanager rural, this enables us to keep up to date for both tax planning and any financing requirements.
- Agriculture is a very specialised industry and we believe that having a hands on knowledge is essential to providing you with relevant advice, we have first hand experience in all of the varied aspects of farming both controllable and those many aspects beyond our control, this greatly assists us in being able to advise you on how your farm business can be retained and run profitably by future generations.
- Directors and staff have hands on experience in the rural sector, we are not afraid of getting our hands dirty. We have the knowledge and experience to be able to talk to clients about the day to day events on their farm.
Hamish Moorhead (Director) on his South Canterbury farm
Contact us for more information on forming a plan that facilitates a hassle-free continuation of your business.
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