Planning for the future of the family farm

When taking action to include the next generation in the family farm, on some occasions it is motivated by a tax saving or an urgent need because of illness or injury.

It may not be openly discussed. It is a topic which can be stressful for both farmers, parents and their family. Investing time and energy into getting it right by getting the best advice and support is key to huge a milestone in a farmer’s life.

On Thursday, November 19, from 8:00pm to 9:30pm, Macra is hosting a webinar for parents, landowners, young farmers and other family members asking the hard questions to facilitate better succession planning for change and growth.

Free webinar

The session will be facilitated by Macra’s national president Thomas Duffy. Sian Bushell is the main speaker for the event. Sian is a qualified farm succession facilitator with vast experience in the area.

We will also hear from Austin Finn of The Land Mobility Service and Declan McEvoy of IFAC Accountants. Both will give a short insight to options and various structures alongside good financial planning.

All of the speakers will participate in a questions and answers session. This provides an opportunity to anonymously ask the questions you want the answer to, from the comfort of your own home.

Hosted by Macra Agricultural Skillnet, this webinar is free of charge but you must register beforehand by visiting: macra.ie/macra-skillnet.

Planned and smooth process

When a family faces major change, especially handing the reins on to the next generation, communication can sometimes be poor. This can put strain on our happiness and slow the growth of the family farm business.

It is important to hear how planning for handing over to the next generation can be a planned and smooth process.

Very few farmers actually retire. Recognising when changing your level of involvement in the farm is necessary is an issue to prevent stress, for farm safety and to ensure your family farm thrives into the next generation.

The farm family should be planning the future for themselves rather than the younger generation having to put pressure on them at a later stage.

It is possible to facilitate a process where the older generation move aside for the younger but it has to be handled carefully and tactfully. Conversation around a change in managing the farm has to be understanding of the feelings of all involved and must ensure change over a period of time is planned, discussed and clarified by writing it down.

This webinar will provide you will a solid knowledge on how to plan the process and where to get the best advice.

Sian can be quoted as saying: “It is always great to hear Dad and Mum after a while in their new role saying ‘we should have done this years ago’!”