November 17, 2020
Ag has been a key part of our practice from the very start — 47 years and “ac-counting”. We know ag because we were raised all around it, our local economy is inextricably tied to it, and we have first-hand experience in the fields and orchards of the Central Valley. The financial side of an ag business can be complicated, especially for family enterprises — but we’re here to assist with the complexities. Here’s some ways Grimbleby Coleman CPAs can help.
Estate and succession planning
Many farms and ranches are family affairs. But without a clear plan in place, even the closest of families are vulnerable to the pitfalls of a multi-generational business: an unplanned split of the operation into several separate entities, disagreements about who will take the lead, or excessive taxes or probate after the death of a matriarch or patriarch. We help families take the emotion out of decision-making and develop plans that will help them remain prosperous, now and into the future.
Grimbleby Coleman has been heavily involved in the use of IC-DISC for ag in Stanislaus County for more than 10 years, leading to millions in savings for growers and processors who export their goods. An IC-DISC can reduce the federal tax rate on export taxable income, and it’s inexpensive to set up and easy to manage once in place. All it takes is a meeting with one of our ag team members to get the ball rolling.
Client accounting and business advisory services
We’re especially proud to serve as extensions of our clients’ teams. We handle payroll, offer specialized training, serve as CFOs, advise on the right time to make purchases, forecast so our clients can see the big financial picture, and more. Even though our clients work with their controllers or bookkeepers, they also receive the full expertise of the entire Grimbleby Coleman team. Our breadth of experience allows us to come up with innovative solutions that other firms may now have the bandwidth to explore.
We’re constantly educating our team about updates to state and federal tax codes and scouring the rules for new opportunities that could benefit our clients. Besides IC-DISC, we’re among the first in California to expand Opportunity Zones to farming operations. We continue to explore ways to help California’s farmers take advantage of unexplored ways to save money while growing their businesses.
At Grimbleby Coleman, we don’t just work with ag businesses, we live the ag life. We know what it means to you because we love it, too. Contact your accountant or email firstname.lastname@example.org and see how we can help your ag operation thrive.