Getting started is the secret

We understand families don’t like talking about farm succession. Some people believe planning for farm succession means you are ready to “give up farming.” We know this isn’t true, and we know farm succession without a plan is a recipe for family conflict. While there is good understanding of the importance of succession planning, concerns about the viability of their business and the reluctance of younger generations to get involved in farming are contributing to delays.

Early planning is essential in order to avoid costly mistakes when transferring wealth to the next generation. Let us help you explore all the options available to you.

Where to start

First things first, take a deep breath!

Your farm is part of you, so passing assets, knowledge and skills from one generation to the next should get the time and care it deserves.

Our team of experts will walk you through each step of the succession process from that first conversation and developing your plan to transferring your farm and guiding the next generation.

  • Succession strategies
  • Family partnerships and trusts
  • Tax planning strategies
  • Business exit strategies
  • Retirement planning
  • Asset transfers and company reorganisations
  • Review of Wills & essential documents

Getting everyone's point of view

You know what your concerns are, whether they be viability, income, something else entirely, or a combination of more than one of these.

It is so important to not only acknowledge your own concerns but also listen to everyone else to hear their plans or concerns. It is not only the successor who is involved in this conversation, but everyone close to the farm eg: Successor’s partner, siblings, your own partner etc.

I’m in a registered farm partnership with my Mam and this has been a brilliant move for us. We used be drystock farmers, but we converted to dairy because we felt that gave us the best chance of continuing to farm into the future. Myself and Mam get on great and we’ve always been very honest with each other; that’s made the transition much easier. When we moved to dairy, we got great advice from ifac that it was the right time to set up a registered farm partnership. Straight away we could maximise the grants available to us and that got us up and running.

Ashleigh Fennell, New Entrant Dairy, Carlow

10 steps to success

  • Clarify your goals
  • Collect and analyse information
  • Assess your farm’s viability
  • Explore your family’s options
  • Liaise with your team of professional advisors
  • Make decisions
  • Develop and implement your plan
  • Review your plan at least once a year
  • Review and update your Will

Succession Checklist

Use our handy checklist to guide you as you kick-start your succession journey.

The hard issues

The succession process brings up issues that people would rather not think about, such as what will happen when they die.

These are difficult issues to address but planning for them now will relieve a lot of stress for you now and for your family in the future.

Documents to prepare:

  • A Will
  • An Enduring Power of Attorney
  • A Life File

When planning out the future of your personal and business affairs, it is important to involve the family and those close to you and your business.

Give your family the best chance of avoiding conflict by involving them now in what you’re planning for when you pass away. Good communication makes a smooth transition much more likely.

For over 45 years, ifac has supported farmers and played an integral role in the lives of farming communities all over Ireland. We have a deep connection with people who work on and off the land and this connection continues to define our success today.

We don’t see ourselves as just delivering a valuable service, we’re here to help you all fulfil ambitions and create the best opportunities for the next generation.

When it comes to farm succession, we can help you through what can be a deeply emotional and oft en complex issue. Every family is unique, but no matter how unusual you feel your situation is, we’re likely to have dealt with similar before. We pride ourselves on open and honest relationships with our clients – we’re here to guide you and there’s nothing you can’t ask us.

Get in touch with one of our experts today

Declan McEvoy, Head of Tax

Reach out today to start the process of succeeding in succession.