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Who are you?
One of the most important elements of running a business is knowing yourself first. You can then move forward with making goals and plans that will achieve your ambitions.
Back to Choosing farm business options
In order to make a plan – whether that is regarding entry or exit from the agricultural industry or anywhere in between – it is important to first identify your current position followed by your goals.
Current farm business owner, seeking to collaborate or expand business operations
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Career farmers of any stage, thinking about business growth or diversification and how a business collaboration may assist this process
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Landowners or tenants who want to expand their business either in the same sector or into other sectors
Currently farming, seeking retirement plan
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Late-career farmers, thinking about succession, planning to wind down from some of the practical aspects of running a farm, or to pass on experience
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Landowners, who want to see their land used practically and gainfully, but who are not able to farm the land themselves
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Active farmers, with land, may wish to diversify their agricultural business or beyond this without the risks and complexities involved with establishing and running several businesses at once
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Estate owners or managers who have identified a gap in their estate system
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Landowning trusts or charities wishing to find cost-effective ways of achieving their social or environmental objectives
New entrant
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Farmers, with the training and experience to set up a new farm business, but without the land or capital
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Experienced farmworkers or land managers, who have decided to run their own business, but who do not have the capital to buy land
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People with a related business background, such as food retail or horticulture, who are keen to branch out into the business of land-based production
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Communities or groups of consumers who wish to set up or invest in a Community Supported farm which will produce products on their behalf
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Existing farmers seeking opportunities
Stakeholder
A stakeholder is an employee or family member with no legal stake in the business, who wish to have the opportunity to become a business member usually without any stake on the asset.
Outcomes to aim for:
- A way of offering progression opportunity for staff members who show particular capability and dedication towards the business
- Provide security and reward for family members that perhaps contribute towards the business, such as a spouse or child
One example of how this could work is an equity share farming arrangement.
Sectors: