Land succession: What are the 3 ‘most important’ factors?
The most important factors of a successful land succession plan are: to plan early; communicate with family; and talk to all the professionals, according to Teagasc specialist in farm management, Tom Curran.
His advice comes as he was speaking at the seminar ‘Farm Succession and Farm Options’, organised by the Irish Creamery Milk Suppliers’ Association (ICMSA).
Curran explained: “The first thing a land owner who is getting near retirement must consider is what they want to do themselves and ensure they have security for their own lifetimes.
“Then, if a successor has been identified, they must ask themselves what stage is the successor at and are they ready for it. If so, then a partnership could be considered.
They need to talk to all the family members, not just the successor, and sit down with each son and daughter to communicate and plan.
“There comes a point when they must inform the family what they are going to do. For most families this works fine, but where there are difficulties, a mediator should be appointed,” Curran explained.
Aisling Meehan, a solicitor specialising in farm succession and tax planning, was speaking at the event, as well as Curran.
According to McCormack, Curran is “widely regarded as one of the state’s experts in the complex issues around transferring family farms, Fair Deal Scheme, company formation, farm partnerships and related matters”.