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To Farm or not to Farm...
December 15, 2011
Many farmers reach the point in life where they have to decide whether to continue farming or not, usually depending on who is ready and willing to take on the farm business. If there is no one following on various questions arise. Firstly, do I sell up and start a new life in different surrounds. Secondly, do I asset strip the farm to a certain extent and let the land on an easier arrangement to a ready and willing third party of whom there are many available. Thirdly, do I consider an alternative arrangement which will leave me where I am, provide me with an income, protect the capital value of the property and hopefully maintain the tax advantages farmers currently enjoy.
It is often thought that the third option is too difficult to administer particularly where livestock are involved. The truth is there are good arrangements readily available including share farming or share milking agreements for dairy farms which will meet the specific criteria of the farmer, enable him to see the business progress whilst somebody else carries the day to day burden, enables him to take a lump sum out of the business if he so wishes but still leaves him as an active farmer with all the benefits that accrue.
How many dairy farms do we see where milk production has ceased, the buildings have become redundant and diminishing in value and the whole farmstead takes on a rather sad feeling.
We live in an age where farms have never been more wanted so to be a farm and land owner is a very desirable position of which you can make the most whilst suiting your personal circumstances. We can discuss and advise on the best way forward for you on a private and confidential basis. Contact Halls on 01743 284777.
Photo: David Giles, Director, Halls Holdings.
