Speaking to That’sFarming on his role ahead of the upcoming Farmex event was the Agricultural and Rural Affairs manager of Macra, Mr. Derry Dillon.
The former president of the Agricultural Science Association (ASA) having only left his position in recent months, Derry Dillon is also a beef farmer, hailing from near Listowel in Co. Kerry, where he runs a beef enterprise, contract rearing stock for other farmers within the industry.
“I do a bit of beef farming, a good bit of contract rearing and the likes of that.” Derry explained to That’sFarming.
As mentioned, Derry was also the President of the ASA in recent times, having only vacated his seat last month. The Agricultural and Rural Affairs manager of Macra na Feirme will also be taking part in the upcoming Farmex - The Business of Farming event to be held Friday October 12th in the Hub in Kilkenny, where he will help cover the topic of succession on family farms, a very relevant topic nowadays.
“You hear of cases every day where you just think to yourself ‘if they had only done a bit of planning or sought themselves some professional advice’”. Derry said.
“It is important that anyone who is considering it any stage in the future, to hear and attend this seminar. You can never get enough of this sort of information…With the panel that is there and the expert speakers that are there, People will get all the different dimensions that people need to be starting to think about when they are going to pass on that farm.” Derry noted.
Role at Farmex -
Derry Dillon will chair the 3pm Series of talks, focusing solely on the topic of Succession on Family Farms. Derry will be joined on the day by a panel of speakers such as Austin Finn (Macra), James Staines (Staines Law), Declan McEvoy (IFAC) and Clare O’Keeffe (Succession Ireland).
Austin Finn will commence proceedings by discussing the different land options available to young farmers, this will be followed by a seminar by James Staines on Family Law and Farm Succession, a seminar on optimising Farm finances and Tax allowances by Declan McEvoy and a talk on Family Farm succession planning by Clare O’Keeffe. You can read more of what Clare has in store for the Farmex event here.
Important Topic -
The Chair of the “Succession on Family Farms” seminar, Derry Dillon, stressed the importance of a topic such as this, especially with such a low level of young farmers within the industry.
“It is a very important topic (succession on family farms). The first thing is generational renewal and the number of young farmers we have is very low, between 6-7% of our farmers are under 35.” Derry said to That’sFarming.
“We have a lot of farmers too that are of an older age group, that are looking to maybe pass on the farm. We want young farmers to be in a position to be able to take on a farm at as young as age as possible and especially within a family, planning should start well before a transfer takes place.” He continued.
Mr. Dillon then stressed that making succession plans for your family farm is a vital step to ensure you and your family are as protected as possible and equipped to carry on with operations, should any tragedy occur. He also noted that people do not know enough about the taxation implications, something which will also be covered.
“Planning is essential first of all and then it is also very important to get the legal and taxation end of it right as well so that people don’t end up with a scenario where they have to pay tax in terms of the transfer,” Derry said.
“That conversation needs to be had at a very early stage. People need to be aware of the taxation implications of doing it right, so they don’t have a tax liability and so that the legal side of it is also done correctly.” He said.
Another important topic which will be touched upon during the seminar is the different land options available to young farmers who may want to farm full-time on their own accord, but the family farm isn’t viable to support more than one person.
“A young farmer might want to go farming, but the farm at home might not be sustainable or viable. They may need to look at other opportunities.” Said the Kerry man.
“The land options side will outline some of these opportunities which are available throughout the country, some incorporating the home farm with another farm or farm family.” Derry continued.
Derry said these options which include leasing, shared farming and much more, could prove vital in ensuring young farmers have the best possible start.
“It’s about setting them up the best way possible so that they have a good start in farming and longevity in their farming career.” Said the Listowel native.
“It is important that anybody who has a potential successor coming in at some stage in the future, to attend the event so they can start this planning and are aware of the taxation and legal implications and that they are ready.” He continued.
Further information -
FARMEX - the business of farming - is a new one-day conference and trade exhibition on how to increase profitability; sustainability and add long-term equity value to the family farm business.
The DAFM KT-approved event for livestock and tillage farmers will take place at The Hub, Kilkenny on Friday, October 12th. The organisers are hoping to welcome 3,000 attendees including - Agribusiness; advisory and educational personnel; family farmers; farm managers and Ag students; farm managers; farm contractors and Agri-Food Science students to this event.
Tickets are €20 for adults, €10 for agri-students and €40 for a family (two adults & children). Car parking is free and one can avail low-cost group travel via Bus Eireann at only €15/20 per person return. Don't forget to use the 'ThatsFarming' discount code to receive a discount on tickets.
Book online at - www.farmex.ie - and save €5 on your ticket, fill in a short questionnaire and enter a free draw for €2,500 in Agri input & services prizes.
“That conversation needs to be had at a very early stage. People need to be aware of the taxation implications of doing it right” - Derry Dillon speaks on Farm Succession seminar ahead of Farmex.