Succession is a difficult topic for any business but latest research from farmers in Ireland show that it is a clear and current problem for the farming community.
The professional advisory community need to come together and further raise the issues surrounding succession for farmers and to provide access to advice and events to help the generations come together and openly discuss plans for the future.
We know why succession is difficult to bring to the table and discuss and this is a sector that has raised the topic, recognises the challenge and needs help in determining a way forward that works for all concerned and helps to keep the next generation involved in farming too.
A survey conducted among 442 Ulster Farmers Union members has raised awareness about the sometimes forgotten issue of who is going to take over the family farm. In somewhat concerning results, 48% of farm businesses contacted had no successor in mind. Farmers were contacted by the Ulster Farmers Union and the Young Farmers Clubs of Ulster to assess the situation regarding succession. Succession proves to be a really hard topic to discuss on family farms and is often overlooked by the older and younger generations.