Many growers and farmers are slow to move away from work because they enjoy it, or perhaps have no clear successor. But having clear plans for the future of your business can lead to positive outcomes, including better investment planning, financial security, realistic expectations and peace of mind.
Making a transfer to the next generation can be a challenge that is put off, as there are a number of complex issues to be addressed. There may be multiple family members/siblings/children to be catered for fairly; or, if the transfer is during the owner’s lifetime, the owner will likely still require an income alongside the recipient. Depending on the circumstances, an arrangement may need to be created that provides a middle ground for the different opinions of family members. The family home is often inseparable from the business, leading to additional complexities.
Teagasc’s Farm Business Planning department have run in-person succession clinics for over 20 years. As well as this, they have developed two excellent and relevant guides. See details at https://bit.ly/successioninheritance.
