The one-day NFU East event, Cultivating Change, looked at key diversification issues, from deciding the right options for your business to how to raise finance and legal considerations.
It was opened by NFU Deputy President David Exwood, who outlined why farm businesses explore diversification opportunities.
He said the aim was to spread risk, not to supplement food production. He explained how he came up with the idea of his farm shop in West Sussex, and the challenges that came with it.
The morning session continued with Anthony Pearce from farm diversification consultants Dudley Peverill.
He spoke about the many diversifications he had undertaken on him own farm, and how his enthusiasm for diversification launched his business. He highlighted the need to maximise assets and included some top tips for any project.
Iain Hawthorne of Oxbury Bank discussed how to fund diversification projects, while Gail Hall of NFU panel firm Warners went through the legal considerations of various diversifications. She stressed the importance of planning succession and of working together.
“This was a key opportunity to hear both from experts and from farmers with first-hand experience of different diversification opportunities.”
County Adviser Ella Thackray
In the afternoon, attendees took part in a ‘Farmers Apprentice’ session, splitting into three groups to discuss different farm scenarios. They had to think of opportunities for diversification, challenges, the support needed and any other considerations, ranking these ideas as low, medium, and high risk.
Suffolk County Adviser, and lead organiser, Ella Thackray, said: “This was a key opportunity to hear both from experts and from farmers with first-hand experience of different diversification opportunities.
“The Farmers Apprentice session was designed to encourage delegates to think outside of the box and be imaginative with their approach.
“Hopefully, delegates could resonate with some of the scenarios and think about how they could use these ideas on farm at home. Our President Tom Bradshaw decided to get involved as well!
“Networking was a massive focus of this day, ending with our networking drinks reception.”
The event, for young members aged 40 and under, was co-chaired by Hannah Buisman and Charles Seamark and took place on 21 January.
NFU East will be organising more young member events this year, so look out for further details.