Case Study – RM&JF Seed
June 19, 2021

Case Study – RM&JF Seed

David Seed is a senior partner of RM&JF Seed, farming 10,000 acres of owned, rented and contracted land throughout the south of Scotland. He also has 25 years of experience as a chartered surveyor with a demonstrated history of working in the agricultural industry. He has also grown his rural surveying business, Seed & Co, from its conception in 1994 to merge with FBR Ltd in 2019 to create fbrseed. Taking on the new role of Managing Director, this union has strengthened their position as a leading provider of rural estate management and professional services throughout Scotland and the North of England.

EQ (formerly Douglas Home and Co) have managed the financial affairs for David Seed over many years. From succession planning to corporate restructures, David has called upon EQ Accountants for guidance with multiple projects. David said, “From everyday accountancy work to specialist projects, the EQ team has continued to be enthusiastic, proactive and incredibly helpful over the years. We have a strong and trusting symbiotic relationship where they can help find solutions for our own clients and vice versa”.

Recently, EQ helped David in the purchase of a new farm located outside Edinburgh. This involved a full corporate restructure and intricate financial planning. With work from multiple EQ team members, the sale was completed in 2018. David mentioned, “This complex sale was significantly easier with the help of EQ. They provided proactive advice along the way and felt like an extension to our business as they had such a good understanding of the situation”.

David has also recommended the EQ tax planning services to many of his own clients and personal network. “Even when a business has different ownerships, multiple trusts and several revenue streams, EQ are incredibly efficient and thorough at tax planning. They leave no stone unturned and are well informed about potential tax relief that is available”.

More recently, EQ has been involved in helping with lifetime and succession planning for the family. Coming from quite a large family, the succession planning has involved multiple generations and David’s four children who all have different interests and careers. Darren Thomson at EQ Accountants mentioned, “Succession planning is a sensitive topic that takes time to evolve. In this family’s situation, the solution is to be unequal but fair, as some children are involved in the family business and some are not. By acting as a mediator to help explain how we can plan for the future, it results in clear communication and less confusion in years to come”. David and his family also chose to use the EQ legal team to update any wills or powers of attorney. By using this specialist in-house service, speeds up the lifetime planning project and reduces overall fees.

David commented, “Over the many years I have been a client of EQ, their high service standards have never wavered.  As the firm is director-led, you know that you are getting the best advice at all times. They get to know your business extremely well, and by providing standard and specialist services all under one roof, you can rely on them for quick and efficient help with many different projects”.