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Taking over the family farm

Apologies for the late notice, but please find attached a news release regarding a free seminar being organised by Hodgsons Chartered Accountants on succession planning on family farms, which will take place at Trethorne Leisure Park in Cornwall on Monday 27th April. I hope this is of interest for the North Cornwall transition website.

Further information can be found in the news release below. If I can provide you with any extra detail, please do not hesitate to get in touch.

With best wishes

Rachael Clayton
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Making the best preparation for taking over the family farm

Hodgsons Chartered Accountants are offering a free seminar aimed at the younger generation in farming families, who need to be preparing for the day when they will take over the management of the farm.

The seminar will take place at Trethorne Leisure Park on Monday 27th April at 7.30pm and will cover topics such as tax and other financial implications that need to be addressed as early as possible. Land Agent, Richard Morris of Stratton and Holborow will also cover subjects such as tenancy agreements and property transfers.

Peter Hodgson, Senior Partner at Hodgsons said: ‘Farming businesses can be very vulnerable when the head of the family, who has always dealt with all the financial matters and accounting issues, is due to retire and handover the reins to the next generation. I once knew a farmer who held such tight control over everything that even his sons, who were both in their sixties, were not authorised to sign cheques and they knew absolutely nothing about the money management in the business. It was far too difficult for them to take over when the time came and the farm had to be sold. This workshop is aimed at smoothing the path towards succession. There is also no doubt that those of our clients whose next generation is well prepared and involved in the farm are driving forward some excellent developments and reaping significant financial rewards.’

The seminar is free and refreshments will be provided. Places are limited so early registration is recommended. To attend please contact Gill Lawrence at Hodgsons on (01566) 772177 or gill.lawrence@hodgsons.uk.com