Passing It On: A Hand to Steer You in the Right Direction

Klara McGriskin

If there’s one question I’m asked more than any other by farm families, it’s, “Where do we start?”

My answer is always the same: start early. Every family is different, and no two succession plans are ever the same.

Succession isn’t just about handing over the farm. It’s about planning for the future of the farm business, looking after those stepping back and giving the next generation the best chance to succeed.

One mistake I see time and again is families waiting until they think they have everything worked out before looking for advice. That’s exactly the time to start talking to your Teagasc adviser.

The farm may be the biggest asset, but it’s rarely the only one. Co-op shares, pensions, savings, forestry, property and the financial circumstances of both generations can all shape the plan.

The good news is that you don’t have to figure it out on your own. There’s plenty of support available—you just need to know where to start.

Start with Your Local Teagasc Adviser

For most families, that’s the best place to begin.

You don’t need everything worked out before making the call. Your Teagasc adviser can help you understand your options, identify the issues that need to be considered and guide you towards the right professional advice. Starting early usually gives families more options and more time to make informed decisions.

We regularly help families look at how succession fits with the future of the farm business. That may involve partnerships, long-term leasing, company structures or simply discussing where the business is heading.

We can also explain how changes in ownership, herd numbers or business structures may affect Department of Agriculture, Food and the Marine (DAFM) schemes and supports. We can also help with the practical aspects, including herd number transfers and other DAFM applications.

Education is another important part of succession. Alongside the Green Certificate and discussion groups, Teagasc offers farm business and financial management courses to help the next generation develop the skills and confidence needed to manage the business.

Building Your Support Team

No one adviser can do everything, so most families will need a team of professional advisers.

Your solicitor looks after the legal process, including wills, land transfers, rights of residence and the legal documentation needed to complete a transfer.

Your accountant or tax adviser explains the tax implications of different options. I’ve yet to meet anyone who wants to pay more tax than they must, so getting advice before making decisions allows families to make the best use of available tax reliefs.

A financial adviser can help with pensions, retirement planning and long-term financial security.

Where required, an auctioneer or valuer can provide independent valuations of land, forestry or other property to support succession planning, taxation or estate planning.

If forestry forms part of the farm, it should also form part of the succession discussion.

Mediation – Another Useful Support

People often think mediation is only for families experiencing conflict. Many families use mediation simply to help structure discussions and work towards a plan together.

A mediator doesn’t replace legal or financial advice but can help families have productive conversations before decisions are made.

Looking Beyond the Farm

Succession planning is also about preparing for the unexpected.

The Decision Support Service (DSS) provides information on supports for adults who may need assistance with decision-making in the future, including Enduring Power of Attorney arrangements.

The Nursing Home Support Scheme (Fair Deal) is another topic that often comes up. Citizens Information is a good starting point for understanding how the scheme works, while the HSE administers applications.

The Department of Social Protection can also provide information on State pensions and retirement supports.

Life doesn’t always go according to plan. Illness, serious injury or bereavement can bring important decisions forward. During these difficult times, organisations such as Embrace FARM provide valuable practical and emotional support to farm families.

Where to Start

If succession is something you’ve been thinking about, here are five simple steps:

1. Start with your local Teagasc adviser. You don’t need all the answers—just start the conversation.
2. Look at the whole picture. Consider all the family’s assets and future needs, not just the farm.
3. Understand your options before making decisions. Get professional advice before making any final decisions.
4. Use the supports available. Depending on your circumstances, organisations such as the DSS, Citizens Information, mediation services and Embrace FARM may all have a role to play.
5. Give yourself time. Good succession planning isn’t rushed. Starting early gives families more options and less pressure.

Time to Take Stock

There is no perfect succession plan—only the plan that’s right for your family.

Every family’s journey will be different, but getting the right advice at the right time makes the process much easier. Your local Teagasc adviser can help you take the first step, make sense of the options and connect you with the right professional support.

Starting the conversation doesn’t mean having all the answers. It simply gives you more time, more options and a better chance of putting a plan in place that works for your family, your farm business and the generations that follow.