Future Planning

What will happen after farming?

It’s understandable that many families find conversations about succession difficult, but things can be more difficult in time if you haven’t sat down together to discuss the future. If you start planning early and give succession the time it deserves, all kinds of obstacles can be overcome.

Martin Glennon, Head of Financial Planning

Planning the future of your farm

Whether or not you already have a farm succession plan in place, there are a lot of things to consider when it comes time to thinking about what happens next.

At ifac, we pride ourselves on building lifelong relationships with our clients, sometimes over multiple generations. We’ll do everything in our power to help you maximise the value of your farm – now and into the future. By listening carefully to what your ambitions and goals are, we can help you make informed decisions that give you the best chance of success.

Planning your retirement

We’re all so busy in the now, but it’s essential to look to the future and think about what sort of lifestyle you’re likely to have when you retire.

What income will you have, whether from a State Pension, private pension plan, or proceeds of the sale of the farm? Equally, how are you going to build up a fund when the farm needs constant investment to grow?

We can help create a plan for you, identifying sound investments that match your appetite for or aversion to risk, to make sure you’re protected against the unexpected.

Pensions & Retirement planning

We can advise you on a broad range of choices when it comes to planning your retirement and making the most of your assets post-retirement.

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Investment planning

You need to feel comfortable about the investment choices you make. Our approach is to gain a comprehensive understanding of your risk profile before making any recommendations. In all cases, we look to protect you by offering a diversified range of options.

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Family & Business protection

Nobody likes to think about things like serious injury or premature death. However, it’s important to consider what would happen if income suddenly dried up. Protecting your family or protecting your business is easier than you might think when you have the right planning in place.

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Succession planning

While a farm is a valuable asset that traditionally passes from generation to generation, our research shows that the vast majority of farmers don’t have a formal succession plan. If this sounds familiar, don’t worry, you’re not alone. Any conversation about who will own the family farm has the potential to be difficult, but it’s a conversation that needs to happen. We’ve helped thousands of farming families through this process over the past 45 years, and we can help you too. We can do this at any stage, but sooner is always better. The earlier you start talking about succession planning, the better the outcome for yourself, your family and your farm.

It’s never too early to start talking about succession with the people who matter

The best time to plan is now

Making a farm succession plan doesn't mean you're getting ready to give up farming. It's simply about having a proactive conversation with those who’ll be affected. By starting early, you can avoid the major pitfalls, from family conflict to unnecessary tax bills. The real secret to farm succession is getting started, so maybe it’s time to consider getting around the table?

Farm Succession Guide