The Farm Finance Podcast: What you need to know about growing your farm

In this episode of Agriland’s new Farm Finance Podcast limited series Francess McDonnell chats to Kevin Connolly, financial management specialist with Teagasc, about the challenges that you could face if you want to grow your family farm.

We start off by discussing what are the key questions you should ask before you make firm growth plans.

According to Kevin every farmer needs a clear idea of what their growth target is and they also need to be able to answer exactly what is their idea of growth – is it more land, more stock, more acres under crops, or putting more product out the gate?

There is also the question of why you may be considering growing your farm – perhaps it is lifestyle driven?

You might want to make your farm more manageable and reduce the amount of time that you have to put into the farm every day for the level of output it delivers.

According to Kevin one key issue that every farmer who may want to grow their farm must now consider is around the environmental criteria that farmers must meet.

He said this is particularly important if you need to secure financial backing to support your growth plans.

The podcast also examines why it is crucially important to ensure every family member – whether it is parents or partners, wives or husbands -understand what the growth plans for a farm entail and how any future investment might impact on them.

The information in the podcast is intended as a general guide only. While every care is taken to ensure accuracy of information provided, Agriland will not accept responsibility for errors or omission howsoever arising. You should seek professional advice in relation to your particular circumstances at the earliest possible time.