More than half of farmers would consult their accountant about business decisions
Some 54 per cent of farmers would consult their accountant as a first port of call when making decisions about their business, according to the second in a series of agricultural surveys by MHA.
Whilst 15 per cent of farmers use their solicitor as a "sounding board" and 26 per cent would talk to an agricultural consultant, a resounding 54 per cent would rather talk to an accountant in the first instance.
David Missen, head of the MHA agriculture group, says: "Sound business advice is essential when planning for the future of any business but especially one in the farming sector where an entire family's livelihood is involved. Accountants can provide invaluable assistance to businesses in the farming sector as they have regular involvement with the business and can provide an unbiased, external perspective. We also tend to be in much more regular contact with our clients than some other professionals so it is not surprising that clients like to chew matters over with us at an early stage.”
The survey also found that succession planning is a concern which is moving up the agenda for many respondents. With so many uncontrollable external threats to farming businesses it is vital that farmers make every effort to mitigate controllable pressures. Succession planning is a key area of consideration which is increasingly a concern amongst the farming community; 56 per cent of those surveyed felt that succession planning was of some or great concern.
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