Teagasc Launches Guide to Farm Succession and Transfer
Teagasc has produced a new “Farm Succession & Transfer Guide” which aims to support farm families in making decisions on succession and farm transfer. Tomás Russell of Teagasc/UCD, and author of the book, said: “This book provides farm families with a step by step guide through the processes of succession, helping them to deal with the emotional and complex issues involved in identifying a successor and discussing the future of the farm”.
The Farm Succession & Transfer Guide was launched by Teagasc Director, Professor Gerry Boyle, Teagasc Director at a Knowledge Transfer Conference, in UCD today, Friday 23 October.
For many farm families, farm succession and transfer can be a very complex and emotional issue which most families are reluctant to discuss. As a result, the process often occurs late in life and this could have implications for the future of the farm business. As a first step when considering succession and farm transfer, it is important to involve the next generation in farm management decisions.
Through information and self-complete exercises, it helps farm families to tease out the various issues relating to the farm transfer. It addresses key issues such as the potential of the farm, the role and implications of other family members, communication, management responsibilities and farm transfer. This is a book which should be completed with the help and support of the farm family, Teagasc adviser and other key professionals.
The book was created by Tomás Russell as part of his PhD study in the Teagasc/UCD Agricultural Innovation Support Programme. His studies were funded through the Teagasc Walsh Fellowship Programme. The guide was produced with collaboration from Farmer Representative Organisations, as well as the banking sector and legal sector and a number of farmers and successors who are currently confronting this challenge.
Tomás Russell said: “Starting the conversation on succession and farm transfer with the family can be one of the most difficult tasks and keeping the lines of communication open can help farm families to go through the process while minimising conflict and anger”.
Those interested in getting a copy of this booklet should contact their local Teagasc Office.