Posted by centash on March 24, 2021 at 17:44:18 from (199.114.246.217):
In Reply to: Coming to a Cross Road posted by Bruce from Can. on March 24, 2021 at 07:03:08:
I think the big question is ...is your son ready to assume your role as owner operator? The upgrade or conversion will figure itself out in terms of dollars and labour, but are you ( as in you and Genevieve) ready to hand over the reins? Are planning and managerial tasks part of your sons job description? He ....and his spouse...have to be at least as capable as you are in running the show and maybe even more addicted to it to be successful. There are a number of farms here where dad has hung on too long, and the kids were basically his hired hands and as a result the kids were ill prepared to manage the operation and lost the energy and drive young farmers need to have. As well, how do you transition the farm and manage the wealth in such a way to be fair to the rest of your family? A fair division of assets that provides a decent living for the one buying the farm, for you and G to have a comfortable retirement yet remain as active and involved as you want, while providing something to your other kids eventually is like trying to juggle 3 eggs....it can be done, but if you drop one, there's no going back
We were in much the same boat in 2005....ready to renovate for ease of operation for the next 10 or 15 years, but with no kids interested we decided not to....only to have a life style changing health event a few years later, which would have cost us the home farm had we assumed the million dollar debt. Now, as I face a nother health challenge, the question is do we keep farming or rent/sell and move on. And now, one of my girls is showing a growing interest in farming...yea, great! So, we hang in until my health stabilizes and go from there.
Good luck to you , Genevieve and your son. It sounds like all of you are well prepared to deal with the future and with communication, the answer will become clear. Feel fortunate that you have lived your dream...very few people get to do that, and I feel extremely grateful....and humble...that I have been given the chance to do so.
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