Bachmann Farm’s history with OBT goes back longer than the Bachmann family can remember.
As one of the Lockyer Valley’s small crop producers, the farming family has relied on OBT since Rodney Turner hung out his shingle on the corner of William and North Streets.
These days, as the driving force behind the Valley Ace™ brand, Grantley, Darren and Colleen Bachmann are very much hands-on when it comes to growing produce and running their business. Dad, Rolly, is also an integral part of the business still working every day.
Unsurprisingly, they are realistic about what’s involved in owning and running a second-generation agricultural enterprise, having already completed a round of succession planning.
“Rodney Turner helped Rolly and Jewel pass the farm onto their sons Darren and Grantley,” says Colleen. “He was very good – together with Brett, their combined farming knowledge came into play so they made sure we knew what was involved.”
“The challenge with succession planning is that things do come up and we all try to do the right thing by everyone. Rodney made sure we had all the bases covered and that the transition was smooth from the first to generation to the next.”
Throughout the year Colleen makes sure their accounting runs smoothly. She and Darren work with Brett and Amanda to make sure their tax is in order, and that they’re prepared for each financial year-end.
“I just ring any time to run things by OBT and check what I need to know,” says Colleen. “The only way to keep on top is to know what’s going on. If you don’t understand then you ask – I never feel there are any issues by operating in that way.”
“Whilst I process our monthly BAS returns, I lean on Amanda for all our ASIC matters and things like long service leave. Our accounting system, Phoenix, is specially designed for ag businesses like ours and OBT use the data from it to calculate our tax.”
Colleen got a little thrill when someone saw their butternut pumpkins in a North Sydney shop over Christmas. OBT’s support may be understated but Colleen likes to know it’s always there.
“Rodney takes care of our private life insurance, superannuation and financial planning whenever deadlines crop up or when something needs to be done,” says Colleen. “And Brett was enormously helpful and made practical suggestions when we trade marked our brand.”
Darren enjoys that he can meet Brett, knowing that he too has a crop farming background, “Locals like the team at OBT already understand how we run our business, and that’s important.”
For Colleen, it’s not only about accounting and tax; she looks forward to other insights which OBT brings and benefiting from the crossover that occurs.
“OBT’s expertise is not locked in ‘silos’ so we save time by tapping into their knowledge. For example Amanda knows real estate and Debbie knows banking. Rodney Logan’s advice about fuel tax and BAS in the last newsletter was extremely helpful – we got onto that straight away.”
With Colleen, Darren and Grantley sandwiched between generations, more succession planning is not far from their thoughts. In the meantime they can make sure their Valley Ace™ lettuce and broccoli continues to thrive, knowing that the bigger picture is well in hand.
Copyright 2015. OBT Financial Group Gatton #buildingyourfinancialsecurity