Farm succession: How to plan the transfer

The key steps around planning the farm transfer, who should be involved and how transferring farm family clinics are a good place to start form the topic of conversation on this week’s Beef Edge podcast.

Joining Catherine Egan this week, Farm Management Specialist at Teagasc, James McDonnell explains that transferring the family farm is so much more than just a simple business transaction, there are a number of complex issues to be addressed.

These include:

• The family home is normally inseparable from the business
• A number of family members/ siblings/ children to be catered for fairly
• If the transfer is during the owner’s lifetime, the owner will require an income, as well as possibly the recipient depending on the circumstances
• Creating an arrangement that can provide a solution for the different opinions of the family members involved the discussion

Listen to the full episode of the Beef Edge podcast below:

Visit here for Teagasc supports on succession and inheritance.

Transferring the Family Farm Clinics

Teagasc run Transferring the Family Farm clinics every year and these clinics are designed to help farm families through the process and all aspects that need to be considered when transferring the family farm.

Further details on the Transferring the Family Farm Clinics are available here.

For more episodes, visit the Beef Edge podcast show page.

The Beef Edge podcast is produced on behalf of Teagasc by LastCastMedia.com