Herb Parbery – 3rd Generation Dairy Farmer

Posted on April 28, 2017
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Family Dairy Farm Grows Exponentially with the Help of BLG Business Advisers

“We wouldn’t be where we are today without BLG Business Advisers. They’re so friendly and loyal and they want you to do well. You want to have accountants you can really trust—it’s worth gold.” – Herb Parbery, 3rd Generation Dairy Farmer

  • Family farm grew from 400 acres to 3000 acres utilising equity in existing landholdings to expand
  • Succession planning to ensure smooth hand-off to the next generation
  • Establishment of self-managed super fund to build asset base outside of the working farms

Herb Parbery is a third generation farmer who loves his work. When he took over the family farm, they had 400 acres. Now, the family owns 3000 acres. “I wanted to make sure we expanded our holdings so that we could continue to be successful,” Herb says.

Herb believes the advice and support he’s received over the years from BLG Business Advisers is an important factor in his success. “I wouldn’t be where I am today without them,” he says, and that’s a good thing, because Herb is passionate about what he does. “When you do what you love, working is like a day off.”

Growing Farm Leads to More Accounting Expertise

At first, Herb relied on a friend to do his accounting, but as the farm grew, the accountant didn’t have the expertise to manage the farm’s expanding complexity. Herb reached out to BLG Director, Scott Brodie, whom he knew personally, for help. “I was in a bit of a mess tax-wise and I told Scott about it,” Herb says. “I asked if he’d be interested in taking me on. Fortunately, he was.”

Friendly Service and Excellent Staff

Over the years, BLG has helped Herb get his taxes in order, set up a partnership of trusts for his sons, strategise about retirement and succession planning, and create a self-managed super fund. These strategies have allowed Herb and his wife, Joyce, to enjoy a comfortable retirement with the peace of mind that comes from knowing that the farm is in good hands.

“I talk to Scott regularly and he comes down about twice a year and we go through everything together,” Herb says. “And then my two boys who run the business now, they come down and we have a group meeting. It’s amazing to know we’re in good hands.”

Herb points to BLG’s culture of genuine interest in their clients as a key factor in why BLG is so helpful. “Even though Scott isn’t a farmer himself, he has a lot of other farmers on his books,” Herb says. “He listens to ideas and takes a real interest. He can say, ‘Have you thought about doing this or that?’ and you can pick the best option.”

For Herb, that genuine interest empowers everyone at BLG to provide superior service. “Good people attract good people,” Herb says. “They’re so good to us. Whenever you ring and you have a problem, they get right behind you. Everyone on staff really wants you to do well. They like to see anyone doing well. And it shows in all their work.”

 Benefits and Results

  • Prepared all compliance work for the family group, managing tax liability
  • Created succession plan to successfully pass business management to the next generation
  • Helped with acquisition of additional landholdings
  • Assisted with retirement planning and asset management for Herb and Joyce

Conclusion

“We wouldn’t be where we are today without BLG Business Advisers,” Herb says. “They’re so friendly and loyal and they want you to do well. People always say, ‘You need a good accountant.’ Well, that’s an easy thing to say but it’s not an easy thing to do. With BLG, I’ve never doubted their expertise or their integrity. You want to have accountants you can really trust—it’s worth gold.”

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