Farm succession may sound straightforward, but for many Irish farm families is one of the most difficult decisions they encounter, and often ignore, leading to unintended outcomes.

When we meet farmers, we find succession challenges are rarely triggered by one issue alone. Financial concerns, family dynamics and uncertainty about the future combine to complicate each individual situation.

Succession isn’t failing because families don’t want it to happen, it’s stalling because the key issues are not being addressed early enough or at all. When farmers feel financially secure about the future, the whole process becomes easier.

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Five biggest issues

  • 1. Retirement funding: Many farmers rely on the farm for both their livelihood and retirement. Without confidence around future income and financial security, farmers may be reluctant to transfer ownership. A clear retirement plan is an important step foundation of successful succession planning.
  • 2. Stepping back and loss of control: Farming is more than a job – it is a way of life. Many farmers struggle with handing over responsibility, losing influence in decision-making or adjusting to life after farming.
  • 3. Finding a successor: Many younger family members choose careers outside farming, while others may have multiple potential successors. Both situations can create uncertainty and delay planning.
  • 4. Family communication and fairness: Passing a farm to one child can raise concerns among siblings about fairness and inheritance. Open conversations are essential to avoid misunderstandings and conflict.
  • 5. Tax and legal complexity: Farm transfers can involve Capital Acquisitions Tax, Capital Gains Tax, Stamp Duty and legal considerations. Early planning helps maximise available reliefs and avoid unnecessary costs.

    • FBD Life and Pensions encourages farmers to start planning early by asking one key question: Can I afford to retire?

    Seeking advice can provide clarity, confidence and options for the future. Ignoring the issue is not the solution. Take the first step in the process, open the dialogue with those you trust and want to be involved.