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LFB Introduction With over 38 years experience in the agricultural - PowerPoint PPT Presentation

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Gary Markham ProNet Conference 2017 LFB Introduction With over 38 years experience in the agricultural industry Gary advises clients on such diverse subjects as succession planning, restructuring advice, mediation, management accounts and

  1. Gary Markham ProNet Conference 2017 LFB

  2. Introduction With over 38 years’ experience in the agricultural industry Gary advises clients on such diverse subjects as succession planning, restructuring advice, mediation, management accounts and tax advice. He enjoys writing and has many articles published in the press together with books on Machinery Management and also two issues of the Institute of Chartered Accountants reference book on auditing and accounting. A regular speaker at many events Gary is passionate about encouraging and helping young individuals progress and for clients to receive the very best advice available.

  3. Joint Ventures Joint Ventures Managing Brexit Machinery

  4. Rural Business Survey Results RURAL BUSINESS SURVEY 2016 RESULTS Top 25% Average Arable Gross Output 413 375 Arable Gross Margin 242 215 Contract Farming Income 203 178 Total Labour and Machinery 192 242 Profit before Rent and (23) (86) Finance Basic Payment Scheme 94 94

  5. Key Points from Results • Profit from arable • Margin from JV’s • EU Support

  6. What has been going wrong? • Dash for a land grab – key money • Spreading fixed costs – or not? • Margin from JV’s • Agents maximising returns to landowners • Closed minds • Farming family • EU Support? – Has this been good for the industry?

  7. Types of JV’s • Contract management • Farm Business Tenancy (FBT) • Share farming • Sharing individual machines • Machinery Syndicates • Machinery syndicate and share farming combination

  8. Contract management Gross Margin X Less agreed overheads (X) X Landowner retention (X) Contractor fixed fee (X) Surplus X Split 80:20 50:50

  9. Farm Business Tenancies • Usually a tender • Rent 6 months in advance • Huge cash requirement in first 15 months • Normally a fixed rent however, a few with rent linked to the price of a tonne of wheat • Up to £ 200 per acre

  10. So what structures are JV’s ? • Contract management - NO • Farm Business Tenancy - NO • Share farming - YES/NO • Sharing machines - YES • Machinery Syndicates - YES • Machinery syndicate and share farming combination - YES

  11. Example of JV Four businesses: 30% 35% 20% 15% Cropping share farming Separate business machinery and labour cost centre

  12. Thank you Gary Markham LFB

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