What is a Succession Farm Partnership?
In the Succession Farm Partnership, there’s a requirement to transfer a minimum of 80% of the assets after Year 3 and before Year 10.
A Succession Farm Partnership can play a key role in family farm succession planning, allowing the young farmer to become involved and be formally recognised in the farm business at an earlier stage, while allowing the existing farmer to remain active and provide support, advice and experience.
“It’s important to bring a young person into the business, gradually giving them responsibility, to ensure a smooth and successful transition of ownership”, said Michael Hennessy, host of Teagasc’s Tillage Edge recent podcast, in conversation with Ruth Fennell, a Collaborative Farm Specialist with Teagasc.
