Savvy advice for our commercial farming client released capital and enhanced his succession plans.
Our client is a large-scale commercial farmer in Norfolk. We’ve supported him for around eight years, the relationship starting with a land purchase and, since he liked how we work, gradually expanding to cover all of his business and family affairs.
Then one day our client called, having received an offer for one of his farms that seemed almost too good to refuse.
Stepping back to look forward
This was unexpected, but as the offer presented new opportunities it deserved a considered yet timely response. Knowing the client and understanding not only his business, but also his family and future succession plans, we discussed the pros and cons of selling the land. Together we concluded that the offer, though tempting, did not fit in with his longer-term goals.
The natural instinct for many lawyers would have been to persuade the client to sell. But that wasn’t in the best interests of our client’s business or family. We gained trust and demonstrated credibility by putting him and his interests first.
Seeing the potential
But the potential buyer wasn’t done yet, coming back with a new and improved offer. With our knowledge of the market situation and prospects, we advised our client that the larger offer would facilitate new and interesting opportunities for his business and potentially enhance his succession plans.
Considered and coordinated
With the combined expertise of our real estate, tax and corporate teams, we completed the sale and worked with his accountants and bankers to arrange a restructure of the farming estate. This allowed the most tax-effective use of the sale proceeds, minimising capital gains whilst extracting a worthwhile sum of money from the business.
What our client gained
The capital we helped to release has subsequently funded several house purchases for our client’s children. By taking a longer view and remaining focused on his best interests, we improved the outcome: creating new and exciting business opportunities for him, and maximising succession plans for his family.
How you could gain too
When Taylor Vinters deal with property, our innovative, entrepreneurial thinking goes far beyond merely handling the transaction. Our focus is on want you want to achieve, and seeing the potential for real estate to create greater, more rewarding opportunities for you.
To benefit from a more innovative view of your business or personal property goals, talk to Andrew Williamson.