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Cornish Mutual Farm Diversification Presentation


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Cornish Mutual presentation delivered by Cornwall Area Business Development Manager Mitch Portman (ACII) at a Diversification Seminar held at the Royal Cornwall Showground on 25 February 2010, …

Cornish Mutual presentation delivered by Cornwall Area Business Development Manager Mitch Portman (ACII) at a Diversification Seminar held at the Royal Cornwall Showground on 25 February 2010, explaining why you should consult your insurer when embarking on a farm diversification project.

Published in: Economy & Finance, Business

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  • 1. Farm Diversification Why Diversify? – Mitch Portman ACII Area Business Development Manager February 2010
  • 2. Why Diversify
    • Economic necessity
      • Farming is asset rich but cash poor
      • Diversity supports cash flow
    • Homogenous goods
      • Barley from one field is identical to barley from another
    • No one provider has the power to influence the market
    • Lack of stability in income
    • Dormant assets
      • Buildings, land, amenities
    • Balancing tradition with opportunity
  • 3. Typical Types of Farm Diversification
    • Cream Teas
    • Bed & Breakfast/holiday lets
    • Farm shops
    • Cafe/restaurant
    • Education
    • Commercial use of buildings
  • 4. Why do I need to speak to my insurers?
    • Liability insurance – does the business description on your policy match your activities?
    • Buildings & use – different activities have different risks your insurers need to consider whether they can provide insurance for that risk
    • Cost – insuring your diversification is a business expense which you must factor in when planning the business
    • Understand risk – balance risk against economic considerations
    • Cornish Mutual specialise in insurances for farmers and businesses in the rural community – however, whilst we may be able to offer advice, we may not always be able to insure your new venture
  • 5. Member case study – Mike & Claire Parnell invite you to Carruan Farm 4
  • 6. Carruan Farm - History
    • Farming in this location since 1958 – Polzeath
    • 3 rd generation now working the farm
    • Originally a sheep farmer, adding a suckler herd, & then pigs
    • Started selling meat from home
    • Opened a cafe for teas & cake
    • Had a bullock killed – why don’t we try Sunday lunch in the cafe?
    • The rest is history, the first Sunday lunch was fully booked & the facility has now developed into a fully fledged restaurant
  • 7. Combining Farming with Diversification 6
  • 8. The Restaurant 7
  • 9. Remember to consider Risk 8
  • 10. Facilities – in a safe environment 9
  • 11. A safe way to be shown around the estate 10
  • 12. Education – Mike & Claire share their passion for farming with local schools 11
  • 13. Lessons Learned
    • Do Not overstretch
    • Ensure that the farm does not suffer (it will)
    • Do Not be tempted to pull money from the business to support the farm
    • Learn to delegate – there are only 24 hours in a day
    • Be prepared to bring in expertise
    • Employ staff wisely – careless uncommitted staff can have a devastating affect on your business in a very short space of time
  • 14. Lessoned Learned continued
    • Be prepared for criticism and try to accept this objectively
    • Learn quickly – trial & error
    • Change is ongoing – matters change on a weekly basis – be flexible
    • Value yourself – the business needs you
    • Stay focussed
    • Be passionate about your business – it’s infectious
    • Stay in touch with your insurers
  • 15. Lessons Learned - continued
    • Do what you enjoy
    • Planning for the next generation
    • – do they want to carry on with the business