Ireland’s seafood promotion agency Bord Iascaigh Mhara (BIM) recently rolled out the Seafood Business Advisory Program, providing Irish seafood firms with access to external experts, including accountants and business consultants, to address structural challenges and build operational resilience.
The program, launched nationwide last month, offers “a panel of experienced business advisors to work directly with individual companies to identify areas for improvement and support the implementation of cost-effective solutions,” according to BIM.
“Ireland’s seafood industry continues to operate in an increasingly challenging environment, with businesses facing rising costs and changing markets,” BIM CEO Richard Donnelly said. “The Seafood Business Advisory Program is designed to give seafood companies access to experienced financial advisors who understand the realities of the sector and can provide practical, tailored support that delivers measurable improvements.”
One of the services the program offers is succession planning, targeted toward family-run seafood firms across the country, which comprise around 85 percent of the sector according to BIM.
The family behind McBride Fishing Co., an Irish crab firm based in County Donegal, praised the tax and succession planning advice it has received through the program, which it said has put the company on secure ground for future growth.
“[We] have gained a clearer understanding of the many issues involved in succession including financial planning, building team capability, family agreements, shareholder arrangements, governance, taxation, [and more],” McBride Fishing said in a BIM statement. “Our goal is to leave the next generation free to focus on the future of the industry and the business and not preoccupied by unresolved internal issues.”
BIM explained that retirement tax relief available to Irish family businesses is “enormously beneficial” and with the percentage of firms that are family-owned and -operated in the country, “planning on handing over to a new generation is vital.”
Other businesses seeing early returns from the program include Goatsbridge Trout Farm in County Kilkenny, which received specialist financial advisory support to develop a comprehensive financial model for the business.
“This has been a gamechanger for us,” Goatsbridge Director Mags Kirwan said. “The process involved mapping our business in-depth, examining costs, sales, and overhead, and building them into a model which we now use to inform our business decisions. The model has become a practical management tool. It basically runs our business today.”
The BIM program has also helped mussel-farming enterprise Blackshell Farm to develop a savings plan and navigate new markets. According to Blackshell Director Joan Mulloy, engagement with BIM developed from wider discussions about low prices and profitability.
“We were talking to BIM generally about how we could improve the mussel industry, including the sales price and building a stronger reputation and brand for Irish mussels,” she said. “But, we also wanted to look more closely at our own costs and see where we could become leaner and more efficient.”
Experts brought in through the program looked through the firm’s accounts, bookkeeping systems, company structure, sales activities, costs, and pricing “with a fine-tooth comb.”
The review, Mulloy said, resolved accounting issues, saving the company a substantial amount of money.
BIM advised that other firms interested in the program should contact the agency to discuss any opportunities or challenges they would like to address.
