Succession must occupy the minds of farmers very early on in their own careers. Often, a farm is not handed over until the next generation is in their forties or fifties. It is hard for young people to accept this. They want to get going, build a house and start making money.

The reason for the delay can be as simple as the farmer not getting the land until he/she was of a similar age. It is very hard to let go.

Still, the exemption from stamp duty is a real incentive to get it done before the young farmer is 35. Once you have a successor back home with a good education and preferably some travel under his/her belt, the real planning starts.

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Farm partnership

Planning for the future will help iron out a lot of problems that will most certainly arise. The focus should be on the plan. A farm partnership is a tool used by many farmers and it is the one that has worked for us. Taking advice and planning with your farm accountants is wise because they understand the possibilities that might suit the farm.

How the succession plan, in terms of the land, the stock and the farm buildings are transferred are all decisions that can happen easily.

The legal processes can take a long time while you wait for the solicitors and, probably, bank officials to do their thing, so execute the process with plenty of time to spare. Implementing the succession plan is a much bigger job than that. There are other issues to be addressed when implementing the plan, ignoring them can scupper the whole process.

Try not to allow false expectations to develop among siblings. Sit down with the children. Tell them a bit of land for each one is not an option – if that’s what your plan is. The farm, while a valuable asset if it is sold, is merely a means of generating an income. If more than one of the children is interested in farming, then plan for that by leasing or expanding the enterprises on the farm. Do not rule out the girls.

It is wise to get outside help and advice to implement a succession plan. Others may see possibilities clearer than the people inside the farmgate.

If more than one of the children is interested in farming, then plan for that by leasing or expanding the enterprises on the farm. Do not rule out the girls

Once the plan is in place, everyone must be on board with its implementation. If there were milestones agreed, meet them. Both generations need to be committed and clear on what will happen.

The reality is that the plan could take 10 years until it is humming on all fronts. At this juncture in our lives, we had experience of not knowing when Tim was going to inherit the farm. We know what the uncertainty felt like. The time has now come to hand the farm over to Colm. That invokes a whole different set of feelings, from loss to satisfaction. They all have to be processed.

The relationships on the farm will determine the success or failure of the plan. It is imperative that the two generations get on and respect each other. There is so much to be negotiated as the young, enthusiastic farmer takes his or her place beside the experienced, successful farmer. Together, they make a formidable team.

Have specific responsibilities to avoid conflict. Biting your tongue is applicable to both generations. Hold back. Remember you can never undo nasty words spoken. Be professional and honest in your approach to family members and all others that you encounter on a day-to-day basis.

Succession is a delicate subject and quite unpredictable. Nevertheless, there is nothing like having a successor to plan and work with, ensuring the farm’s development and the prosperity and happiness for both generations for the future.