The Farm - your home, your lifestyle, your income

A family farm is more than a job or source of income it’s a way of life that can be rewarding both financially and emotionally but can also have its own unique challenges.  It’s hard work, subject to the whims of nature and is typically inherited or passed onto family members at some stage.  In order to ensure you protect and maximize the returns from your greatest asset it's important that as a starting point you have the fundamentals right.

The right foundations

Everything of strength and longevity is built on strong foundations so getting these things right is incredibly important even if not so exciting.  Munro’s helps you get your “farmhouse” in order to ensure you maximize your returns and protect what you’ve worked bloody hard for.

  • Tax & compliance

    Tax and compliance can get very complicated but the key is having a proactive accountant who reviews your position every year and makes sure you don’t pay any more tax than you have to.

  • Cash Flow

    The farming cycle presents challenges of its own in maintaining the cash flow needed to run your business and meet your personal needs.  Add to that the demands of bank managers, suppliers and the taxman and cash flow becomes tricky.  Optimising your cash flow can be an art. 

  • Borrowing

    Being able to leverage your farming business through judicious borrowing to optimize your return on capital invested can be useful, particularly if there are taxation or other advantages.  Being able to do so often depends on you being able to provide the lender with accurate and up to date financial information prepared by an accountant in good standing.

  • Reporting & measurement

    Knowledge is power and what doesn’t get measured doesn’t get done.  Or so they say.  In today’s information age, we find tools that can provide a farming business with enormous amounts of information and can measure virtually any aspect of the business – but do you need all this?  Focusing on the key performance indicators makes more sense.  Haven’t you got better things to do?

  • Performace & profitability

    Understanding how well various aspects of your farming business perform and why becomes a key input each year to your business planning process.  Understanding profitability, however, is often more complex!  

  • Risk Mitigation

    It may be better to limit or avoid certain risks in the first place, but there could also be some risks you could accept without losing too much sleep. You might also be able to transfer some risk to someone else, and having a sounding board will help you see what’s what.

Planning and process

What value would you put on one good idea? Munro’s assists farmers and farming businesses with critical life and business planning and monitors those plans on an ongoing basis.

  • Succession planning

    Succession planning for farming families is inherently complex and why it is often avoided for as long as possible!  Think of it as a life plan.  Planning done sometimes well in advance of the event, sometimes, not.  Either way, the planning needs to be carefully thought through, based on a thorough understanding of family needs and dynamics as well as complex legal and financial structures.  Every plan is different, there are no templates.

  • The family unit

    Farming families have special relationships with each other.  Often it is the land itself that binds people together and working the land cements the relationships further.  Which is why having the right life or succession plan is so important.  Because you want to maintain that closeness within the family at the very time that you have to make big changes to the farming business. 

  • Management and dispute resolution

    And this is where you did not want to go.  Managing your business and your life is your concern, but sometimes, no matter what you do right, something goes wrong.  If you have the right mechanisms in place, the right processes and the right advisors, your business will be managed right, even when you have a dispute, be it with a family member or someone else.  We get that.

The Family Farm Survival Guide

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The Family Farm Survival Guide

In this guide, we explore the four big questions around family farm survival:

  • When do we really need to be thinking about long-term, inter-generational survival?
  • Who does this affect?
  • What are we going to do about it and what does “fair” really look like?
  • How on earth are we going to do this?
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