Advice you can take to the bank

For Damien Cocker, taking ownership of his dairy farm at Sheffield in 2019 realised a dream that had driven him for as long as he can remember.

After leaving school in 1998, Damien started as a farm dairy trainee at Wilmot, progressing through the ranks to farm management with partner Brooke by his side. 

That led to a share farming position at Rushy Lagoon in 2014, where the couple eventually found themselves managing two dairies during their five-year tenure, and working on rearing young stock to put themselves into a financial position to purchase their own farm.

In 2018 they met with Farm Source Profit Specialist Troy Franks to discuss the next phase of their journey.

“We were building our cow numbers at Rushy Lagoon as share farmers on a third share, and were ready to take the next step, but we weren't sure if that would be a 50/50 share.
 
The Cockers started working on cashflow budgets and developing their business case and finances to build a relationship with their bank.

“While we were share farming, our budgets were back-of-the-envelope type stuff, and we knew the bank wanted more than that,” said Damien.

Fortunately for the Cockers, Troy was on hand to guide them through different scenarios and help with a business plan they could take to the bank.

After initially purchasing 200 acres and milking 250 cows, hard work and sound advice have seen the Cockers increase their farm to 340 acres and 390 cows. And with plans to upgrade the water scheme, they have eyes on more land and a herd size of 600.

As they work towards the next step, Damien and Brooke continue to partner closely with Farm Source, which they believe continues to help the business improve.

“We are continually learning the financial stuff. You spend 20 years working on dairy farms, but you don’t spend any time with the financial side of things,” said Damien.

“The help from Farm Source gave us credibility with the banks and showed we had a handle on our business, and demonstrated we knew where we were with our financials.”

For the Cockers, it’s all about setting up a legacy for their daughters who they hope will grow to love the industry as much they do.

“We always had a dream of owning our own farm and doing it not just for ourselves but our kids. That’s been the best part of the journey,” said Damien.