What’s been going on!
Farm transition, a very popular subject these days in the farm community as many farmers are getting older (average age is 59) and are trying to figure out what they are going to do with their businesses and properties and themselves as they get even older. It is a complicated process that has many moving parts and every farm business is different in some way or another.
It is a long process too. You don’t pass on, close or sell any business quickly, especially one where you live and have nurtured your whole life. It takes time to put all the pieces in place as there is estate planning, financial planning, tax planning, and all manner of legal details to work through. The more people involved, the slower it goes but as we are finding sometimes going slow is best as it reveals things that were not apparent at first.
Astute readers of the newsletter have maybe pieced this together between the lines and certainly we have spoken with many of you over the last few years at market or conferences about our transition plans but this is really the first official, in print, announcement about what we refer to as “The Jennie Project”. Let me first say that all is fine with us and the farm, we are just being proactive about managing the last third of our life before it starts to manage us.
Over the coming months and years we will discuss our thoughts and process and how it is all going but rest assured that Betsy and I are not going anywhere. We do plan to slow down some and let Jennie take over more and more of the business and work responsibilities in the next five years or so. After 35 years it’s time for a change.
Part of the process is happening this week as the surveyor is here marking off our house and acreage, separate from the rest of the farm, so that we can stay here as long as we want but still be owners of the farm too. It is exciting, interesting, scary, maddening, and rewarding all at the same time!
Picture of the Week
It is definitely yellow flower season
What’s going to be at the market? Continue reading