Keeping the farm in the family in the family is more than just a nice tradition. It is a way to provide security for yourself in retirement, establish your own legacy, and to help your posterity plan for their future.
Farming presents many challenges no matter what you grow or where you grow it. Uncertainties in weather and commodity prices make it particularly difficult to turn a profit year after year. Despite these challenges (among countless others), you farm because of the lifestyle you are able to live. You could have a job that is more consistent, less stressful, and maybe even pays more, but you are not in it for the money or the comfort. Farming is your way of life.
Farming, particularly in a family operation, gives you the flexibility to take your kids with you to work, have them help you and learn the ropes. Some of these skills might be driving a tractor, topping corn, irrigating, or calving. Your children don’t bat an eye at hard work and they aren’t disgusted with manure or pulling calves. These home-grown qualities are hard to find anywhere else.
There are many options for farmers who get close to retirement. One might sell the farm, retire and live comfortably financially. Another might lease the farm out bringing in a consistent and predictable annual income. Keeping the farm in the family and passing it down to the next generation is a much more fulfilling options because it provides more benefits than just monetary ones. You get to watch the next generation maintain the farm or even expand it with the new challenges that they face. You get to stay involved to your liking. You get to watch them teach their kids the same things that you taught them.
Family is one of the main factors as to why you chose farming as a profession. Keep your farm in the family and reap the dividends until the day you die.
Contact us to discuss how to establish your own legacy by preserving your family farm.
