Whilst for farmers and land owners Christmas and the New Year is not any quieter than the rest of the year, it is often the time for reflection and looking forward.
There are a number of questions that all business owners and owners of property should consider and I would urge farmers to reflect on the following:
- When did you last review your Will? Does it reflect what you really want to happen?
- Are the family all aware of what will happen from that eventual date?
- Do we have a Partnership Agreement?
- Does it make clear what happens in the event of a partner wishing to retire or leave the business and how are such common occurrences as divorce and death dealt within that Partnership Agreement?
- Is the business continuing to make the level of return that we require for all family members to benefit from the business?
- Should we be looking at a different system?
- What are you going to need to invest in, in the next 12 months?
- What do you require to run your business efficiently?
Brexit is a bigger obstacle coming down the road towards us in the future, whilst we cannot control what the Politicians will agree, we can ensure our business is best placed to deal with this. What steps should we be taking now, to ensure we continue to run in a profitable manor?
What other factors might come and knock our business off course? It is HS2?
A new road scheme, a pipeline or cable taking a significant area of land on a temporary basis? Have we got the necessary support and a good team of Professional Advisors around us to deal with this?
All of these should be considered as well as ensuring you take the time to enjoy the festivities and enjoy the family.
As a final thought, do you live to work or work to live?