Plan for who will take over ‘the place’

The survey also found that one out of every three farmers avoids the issue, on the basis that the business is not viable enough: they would not encourage the next generation to take it on.

Connacht IFA Chair, Pat Murphy, told the Farming Tribune that the indications from the survey were concerning and he asked all farmers to consider the issue of succession.

“This is not about handing over the farm straight away but what it is about is the putting in place of a long-term plan for the next generation.

“We’ll all only be ‘wearing the jersey’ for a limited period and the time to plan ahead is when in you’re in good health and in good form and can make an informed decision on the future of your farm,” said Pat Murphy.

He said farmers should ‘have a conversation’ with their solicitor, their accountant, and most importantly of all, with those who were nearest and dearest to them, on their future plans for the farm.

“I think that the last thing any farmer would want is to leave the farm in such a way where are disputes and wrangles, after he or she has gone.

“We all know that on most farms there is a very limited income generation power but the last thing that’s needed is for a dispute to arise when the farmer has passed on,” said Pat Murphy.

The ifac (Irish Farm Accounts Co-operative) study combined the views of almost 1,500 Irish farmers along with a comprehensive analysis of the financial data from over 2,500 sets of its clients’ 2019 farm accounts.

For more, read this week’s Connacht Tribune.

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