WORKING closely with farming families and agri-businesses, one of the most important pieces of advice I can offer is this: start your farm succession planning early.
Farm succession is about more than passing on land, it’s about preserving your legacy, protecting family harmony, and ensuring financial security for all generations involved.
Too often, we see families delay succession conversations out of discomfort or fear of conflict.
But the truth is, the earlier you begin the process, the better the outcome for everyone.
By starting early, you give yourself time to explore all available supports such as the Succession Planning Grant, which covers up to 50% of vouched legal, accounting, and advisory costs (to a value of €1,500) for eligible farmers aged 60+.
You also allow yourself the opportunity to structure the transition in a tax-efficient manner, availing of schemes and reliefs while ensuring your farm remains viable for both retiring and incoming generations.
Viability remains a key concern.
Can the farm sustain another household or pay a fair wage to the successor?
These are critical questions to consider, ideally with your accountant and farm advisor at your side.
Remember, management and ownership don’t always have to go hand in hand.
Thinking strategically about roles, responsibilities, and income-sharing early on can avoid unnecessary stress down the line.
Equally important is communication.
It’s essential to sit down with all stakeholders - family members, successors, and advisors - and discuss expectations, concerns, and wishes.
Fairness doesn’t always mean equality, and these conversations help ensure that every voice is heard.
From reviewing your will to making decisions about your living arrangements and financial needs post-retirement, involving your family early makes for a smoother transition.
Farm succession is rarely simple, but with open dialogue, practical planning, and professional guidance, it can be a positive and empowering experience.
If you’re thinking about the future of your farm, don’t leave it until it’s too late.
Our free Farm Succession Guide is available at ifac.ie or in your local office.
Start the conversation today - speak to Peter and the team in ifac’s Bandon office.
We’re here to help you every step of the way.
