Farming, more than any other industry, is the type of job that becomes your whole life. As a farmer, your hours and holidays are dictated by your farm you.
Therefore, when it comes to selling your farm, you will probably have an idea of the kind of person that you hope will take it over from you. The process will also probably be quite stressful as you will be selling more than just your business.
This article will give you some tips to help you through the process.
Industry overview
Farming is extremely important to the UK with British farming supplying around 60 per cent of the food that we eat. Farming has played a large role in Britain’s history and it factors prominently into discussions about trade and international politics, particularly in regards to the EU.
The issues surrounding farming in the UK have changed in recent years. Sustainable farming practices and environmental issues have become a lot more a part of any discussions on the future of agriculture.
Despite the importance of this industry, the income that is generated by people who own farms is relatively low.
Preparing to sell
Over the years, many farms end up looking run down. If you want buyers to be excited about your farm, you will need to fix up the things on the farm that you’ve let fall to the weigh side.
Putting in new gates and fixing broken fences can make a big difference to the aesthetics of your farm. You can also move old tractors that have been sitting around for ages and ensure that access ways are easy to use.
Try to time the sale of your farm for when the fields look green and full. This is not always possible, but it is something to keep in mind. The seasonal nature of farming means that your farm can look vastly different from season to season.
Consider the planning potential that your land has and use this as a selling point for potential buyers. Buyers will be thinking about the future, so you should sell the future potential of your farm to them.
Just as with any other business, your financials need to be in order before you sell your business. A buyer will want to know your farm’s yields, expenses and potential before they buy it.
Marketing you farm
When you are marketing your farm, identify the unique selling points and highlight these. The potential of your farm is also important to advertise. Point out any future development that might be attractive to a buyer.
Certain factors can work to attract buyers like the eco-friendliness of your farm, its sustainability or the potential it has to become diversified.
Reaching a wide audience is a good way to find the right buyer as your buyer will not always be local. You may find that the right buyer is going into farming for the first time and is looking to move there from further afield.
Advertising online is a good way to reach a wider audience. In order to reach a more local audience, you can also rely on word of mouth or local publications.
Whatever way you advertise, be patient. The sale of your farm could take a long time and you need to be prepared to keep farming and keep things running right up until the sale is complete.
