18 Jan, 2024

Growth And Succession Planning On The Family Farm

Joseph & Helen Dunphy are successful dairy farmers who have built up their herd steadily over the past three decades. They are now looking towards the next phase of development as their two sons enter the business alongside them.

Joseph has been running a successful Dairy enterprise for over 40 years. Back in 2013, he was operating as a Sole Trader, but, with ifac guidance, moved to a Limited Company structure.

“We were making a profit back then, but as we started to steadily expand, we needed to be mindful of the company structure that would serve us best – then and into the future."

"The move to a company model has meant that all our borrowings were done through the company – including a major spend on a rotary parlour in 2018, along with some other fairly extensive investment.”

“We’re halfway through a twenty-year lease at the moment and looking at what comes next for us – including the issue of succession."

"The big benefit from the company structure was that we were able to shelter future profits from our increased herd size, allowing us to invest in the business with confidence."

"Based on personal experience, I’d say that succession and wealth management can never be looked at too early. I’d also say that you absolutely have to get the best available advice from your accountants, as the structures you adopt will have a huge say on how well things work out for you."

This article was first published in our 2024 Farm Report.