When your farm’s been in the family for generations, you want to know all your assets are going to be transitioned as you desired, with open, clear communication and in the most tax and debt-efficient way possible.
BDO’s specialist agribusiness advisers are here to help you at every step of the agricultural succession planning journey. We’ll be there from the beginning, holding initial conversations to understand the current owners’ wishes, to then having individual family member interviews, right through to working out detailed accounting, banking and tax settings for your farm. Together, we’ll work with you to achieve an outcome that provides for viability, sustainability and harmony for all parties
Enabling open communication
We know that these conversations can seem daunting and it's often an emotionally charged subject, but the earlier you have them, the better. We’ll sit down with the farm owners first, and then with each family member individually to understand every person’s key desires and needs. We understand these succession planning conversations can be highly personal – and you can trust us to handle these sensitivities with care.
We’ll make sure to keep everyone talking regularly throughout the process, and we’ll take the time to understand what different communication methods suit each person, all while acting as an impartial mediator to ensure everyone understands what direction the process is going in and why.
Leaving a farm with longevity
You’ve worked hard over the years to build up your farming business, and there are often huge sums of capital associated with your operations. We want to ensure you are able to enjoy the fruits of your efforts and that your needs can be satisfied moving forward. If you want to ensure you’re leaving a viable business when you step back from the farm – BDO, as a full-spectrum financial services firm, can help you do this.
We use a range of financial modelling tools, as well as our in-depth understanding of the banks, accounting and tax to ensure debt is right sized and the business is left in the best shape possible as your children or other chosen persons benefit from your assets and generosity.
Extensive knowledge of farming systems
Our specialist agribusiness team has years of experience working with all types of farms across all of New Zealand’s regions (we have 16 offices located throughout the country). This means we don’t just understand the financial side of the business, we also have extensive knowledge of farming systems across all agricultural, horticultural and viticultural enterprises.
Specialist banking, accounting and tax advice
When we look at your loans and securities, covenant suite conditions or borrower obligations for the bank, we will do this through an agricultural lens, and the same goes for all of your accounting and tax requirements.
We also understand every single situation is different, and so we do not take a one-size-fits all approach to succession planning services. We take the time to understand all of the personalities, wishes and needs of the people involved as well as what best suits the structure and asset portfolio for you and your farming business.
Our regional presence means we have a real connection to the communities in which we operate and genuinely want to see the best outcomes for you and your business. We also understand the natural rhythms of your farm system, so know when is a good time to have conversations and when you’ll be at your busiest.
If you’re interested in starting your succession planning journey or have begun the process and would benefit from a little impartial wisdom, get in touch with one of our agribusiness advisers today. We have the passion, experience and knowledge across farming, tax, banking and accounting to ensure that what you have created through your farming career can be passed on in an an appropriate manner, leaving you with peace of mind.