Sligo hears farm succession planning essential for smooth transition
CLOSE to 350 farmers attended the AIB/Teagasc Farm Succession event in the Sligo Park Hotel on Thursday last to discuss farm succession planning. Chaired by Peter Mullan of Teagasc and Charlie Kane of AIB, speakers on the night included: Tom Curran, Teagasc Succession Specialist; William Henry, Henry & Co Solicitors; Aiden Tighe, Sligo Leader; Ciaran Kerins, Teagasc Education Specialist and Barry Hyland, AIB Agri Advisor.
Although one in four Irish farms are expected to change hands in the coming decade, farm succession is a subject that is rarely talked about or indeed planned for. Very often, there is the belief that a son or daughter will take over the family farm business, but often no communication or discussions around succession or inheritance actually takes place.
Tom Curran, Teagasc Succession Specialist highlighted that almost half of farmers over 55 years of age had no successor identified, with a similar proportion having no will in place, and of those who do, many do not reflect the farmers’ current position.
Solicitor William Henry encouraged farmers to ensure that wills are updated regularly and that they accurately reflect personal wishes, which allows for a smoother transition to the next generation. He urged those in attendance to think about their long term plans and to give succession planning the time and attention it deserves.
Ciaran Kerins, Teagasc Education Officer noted that the Agri Sector has benefited from the increased influx of educated, motivated and eager young farmers in recent years. He advised that the demand for Green Certificate courses has been unprecedented as farmers look to strengthen their knowledge base, while also putting themselves in a position to apply for the various schemes and grants.
Aiden Tighe, Sligo Leader outlined a number of sectors that qualify for funding from the Leader Programme and gave examples from the tourism and leisure sectors which have been supported in the Sligo area.
Speaking from a more macro perspective, AIB Agri Advisor Barry Hyland noted that the Irish agri sector is in a strong financial position following relatively positive farm performance in 2017, but he said that we must position ourselves for the future to mitigate the challenges ahead. He emphasised the importance of on-farm efficiency, encouraging farmers to control the controllable inside the farm gate. He out- lined the key considerations to take into account for young farmers when applying for bank finance. He also advised young successors to ensure they manage their personal finances well and encouraged them to build up a good track record with the bank prior to taking over the farm business.
Speaking after the event, Charlie Kane, Branch Manager AIB Sligo said, “We are delighted to partner with Teagasc to host this event. We hope that all those in attendance got some useful insights into how they can best position themselves for the future. Agriculture is a key sector for AIB in Sligo and young farmers will be the main drivers of the future growth and development of the sector in this area.”