Many Murray Goulburn suppliers will be waking to larger bank accounts, with the 80-cent share distribution being paid overnight.
Shane West, director of Fennell West said that farmers should consider their options with this distribution.
“We have worked closely with farmers for many years and understand the importance of this payout,” Shane added.
“Over the years we have listened to comments by Murray Goulburn suppliers such as ‘These shares will be my super’ or ‘These shares will buy a house we can move into off the farm’.”
With this in mind, it’s important these proceeds are used effectively, and countless options are available. For example, farmers could save some interest on debt or contribute to superannuation for life after the farm.
“Some farmers will see this as a way to inject some much-needed capital around the place,” Shane said.
The one piece of general advice we would give would be to speak to someone, your adviser, your business bank manager or your accountant.
“There was a time when there was some doubt that there would be any value in these shares, so don’t waste this opportunity and lose it to farm cashflow,” Shane said.
It’s been a rough rollercoaster for Murray Goulburn suppliers, and it’s time now to do something for yourselves, to use this money effectively.
The team at Fennell West can take the stress and uncertainty away and help you make good decisions that maximise your financial position.