What would you Do?

[rockpile]

I should add, the year my son worked with me was the most fun I ever had farming. When he said no thanks, it did knock the wind out of my sails.

[farmaholic]

"Actually decisions based on emotions have paid off quite well in my life."

Breadwinner, I wasn't talking about being in love and getting married......LOL

JUST KIDDING. its just that they say business decisions shouldn't be based on emotions...

[fjlip]

Rockpile, That's just how the career goes for most of us, HIGHS and l o w s. I know many around here that left farming in their 50's, you are probably lucky, it all seems to have worked out for you. A career change can work if one is 50's, those that leave later, may never retire, just waste away or lose their health. Seen those also.
I second the working with a son or three, as my Dad did for years, and he was the happiest then. I enjoy them helping,
but the fire to farm seems lacking in them at the moment. I constantly keep them aware of the positives and negatives to aide them in decisions.
Thanks for sharing, many of us near career end have much to think about, plan ahead if exiting. Hearing of TAX horror stories and accounting nightmares.

[bgmb]

Dont sell your land unless you need to.

[farmaholic]

My biggest fear is the lack of appreciation for what some non-farming children will inherit in the future. Do they realize the hard work and sacrifice that went into putting something together that in some cases resembles winning a lottery? The money from the sale of such an asset might out weigh the sentimental value and ownership of such an asset. Yearly rental income and the lack of interest in dealing with and finding tenants might be to onerous in comparison to "winning the lottery", especially if the think they need the money.

Are you going to control it from the grave?

[canolacrazy]

like most who have "been around a while", i've seen all kinds of responses to that question. the guy who lives and breathes farming, why would you get out when farming is your life. the other guy who has no family interested in taking over and farming is starting to weigh on them, then a big payday like now is the perfect opportunity. bottom line for me in answer to your question....whatever situation you are in, one year down the road, you don't want to look back and say "what have i done." that's when you'll know if you did the right thing or not.

[hobbyfrmr]

One of my friends who did not remain farming said it best when discussing will and estates. "I am not against accepting cash,"
Selling your farm is really a business decision, no different than selling your flooring store, car dealership, etc.
sumdum, family members may not appreciate the efforts that were made to create a successful farm, but, again that is no different than than the efforts made to run a carpet store, construction company , grocery etc. I don't recall the exact specific number but a large percentage of the Canadian population has more personal debt than their household income. So, land rent income will not solve their real life debt issue. Selling the inherited land will be a common strategy.

[SASKFARMER3]

This example was done as a exercise to get guys thinking. Any one in the age 50 to 65 has to have looked at a exit package at some time. Its a real tough decision. Keep farming and continue to create a larger block or basically coast and farm as you always have. Sell move on set kids up with a different business and retire. See with land prices at the level their at some sales would be like 6/49 or even half of Lotto max on Saturday. Its the greatest wealth transfer in generations.
Its a tough question that once your dead is to late to make a plan.

[farmaholic]

Its a tough call and difficult to reverse once made. In other words, do you want to relocate and do it again on a smaller scale or start building another empire? Likely, the value of what you have today is greater than its liquidated value.

Good luck with your decision, sounds like this bridge has been encountered recently but not crossed (around the time Redland sold?).

[canolacrazy]

if we think back 10-15 years ago, it wasn't a question of should i stay or should i go. i remember some farmers telling me, they want to go due to health reasons or whatever, but they couldn't find any buyers.
i'll take today's options over those anyday.

[farmaholic]

And those days will likely "cycle back" again....
Being realistic not pessimistic.

[farmaholic]

And those days will likely "cycle back" again....
Being realistic not pessimistic.