Teagasc specialist, James McDonnell, explains the key steps around planning the farm transfer, who should be involved and how transferring farm family clinics are a good place to start.
Transferring the family farm is so much more than just a simple business transaction, there are a number of complex issues to be addressed including:
The family home is normally inseparable from the business
A number of family members/ siblings/ children to be catered for fairly
If the transfer is during the owner’s lifetime, the owner will require an income, as well as possibly the recipient depending on the circumstances
Creating an arrangement that can provide a solution for the different opinions of the family members involved the discussion
Teagasc run Transferring the Family Farm clinics every year and these clinics are designed to help farm families through the process and all aspects that need to be considered when transferring the family farm.
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