Maximising farm income from both the core business of farming and any ancillary business venture(s) is an ongoing preoccupation for most of our clients.
One way in which a farm business could increase the revenue stream from, say, a well-established food product with an excellent reputation for quality, could be to link up with another business with similar values and which has access to a larger market.
We recently got involved in such a project when we advised Cotswold farmer and television presenter, Adam Henson, on a trade mark licensing agreement with Butcombe Brewery. Adam has helped create, and lent his name to, a premium beer – Adam Henson’s Rare Breed.
Having established a reputation as a champion of rare breeds, local produce and conservation, it was a logical step for Adam to link up with Butcombe, a West Country brewery that prides itself on its traditional brewing skills and which produces a medal winning bitter that dominates the area in and around Bristol. The combination of Adam’s reputation with Butcombe’s extensive routes to market has meant a marketing match made in heaven.
Naturally, there is always a risk when attempting to find new ways of increasing market share or exposing your brand to new markets. However, if you can find a suitable partner that shares similar values and is willing to shoulder some of the risk, the rewards can be considerable. However, the starting point must be an understanding of the inherent value in your assets and ringfence them through a trade mark licence agreement.
For more information or advice on how to make the most of your farming business assets, contact Christine Jackson.
