A ‘Transferring the Family Farm’ series of events, designed to educate and inform farmers on the details involved in creating an effective plan for succession, is being held by Teagasc over the coming weeks.
Transferring the family farm is so much more than just a simple business transaction; there are a number of complex issues to be addressed.
To help farm families through this process, Teagasc has organised a series of “Transferring the Family Farm Events” which will take place around the country.
Ahead of the series, Teagasc financial management specialist James McDonnell urged farmers to plan their succession.
“Traditionally, in Ireland, family farms have been passed on to the next generation on death,” he said.
“In recent times, social and economic changes have resulted in more transfers taking place during the owner’s lifetime.
“It is a very personal decision and every family has a different set of circumstances. It is always better to have a plan in place, and by not having one it can be even more difficult if the transfer is unplanned through illness or the death of the owner.”
At each of the seven clinics, there will be a short address, covering all aspects that need to be considered when writing a succession plan.
The clinic will then be open to the farm families present to go and have “one-to-one” private conversations with the professionals set up in booths around the venue.
- Accountants/tax advisers;
- Solicitors;
- Succession mediators;
- Social welfare advisers;
- Citizens information;
- Teagasc education officers / collaborative farming / financial specialists.
For those interested, more details on the upcoming clinics – including booking information – are available on the Teagasc website.