Milking the cows, not the equity

Whakatane dairy farmers Brian and Judy Carter have bought three neighbouring farms in the past two years.

Both 53, the couple manage more than 100ha and 2000 head of stock.

They have suddenly found themselves sole directors of a multimillion-dollar business. But they are hardly living a millionaire lifestyle.

"We're mortgaged to the eyeballs. The bank loves us," Judy Carter said. "We're their best customers."

You couldn't expect to enjoy the lifestyle if you were just in it for the money, she said.

As well as having to act as a chief executive - managing staff and doing the books - there are still plenty of times when she has to get into the sheds and do the milking.

"It can be emotionally, physically and mentally exhausting."

The Carters' whole property was submerged in the Bay of Plenty floods last July.

It hasn't been easy since, she admits. Despite that, the couple have no plans to cash in on the record property prices and sell up.

"We're long-term players. We don't really care what we're worth, it's not what we're in it for."