Succession planning is becoming important to the aging farm community. To help you understand and to develop a succession plan for your farm, a fictitious farming couple, Joe and Jane Bushel, have been created to describe common obstacles.
It’s winter and Joe finally has time to spend a few hours at his favourite restaurant, Buckles. Joe loves its double patty western burger with everything.
Since his minor stroke last year, Jane has been on his back to eat better. His visit to the small town diner is his one opportunity to demolish any progress gained from a week of healthy eating.
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On this particular afternoon, Joe ran into Frank, his neighbour from down the road, and Bill, who owned several sections west of town. The two men invited Joe to join them.
As they waited for their meals, Frank told them how his son, who just finished university, decided he wanted to continue his education and go to dental school.
Frank thought that education was a good idea, but now that his son had his degree, it was time for him to come home.
“University was supposed to give him some time away from his family, so that he could do some living and then come back to the farm, wiser about the world around him. I always expected him to return and take over.
“Now he is not coming home, and there is no one else around to look after things,” Frank gruffed over his steaming black coffee.
Bill chimed in, “I understand. Jake, my son, decided that he is going to move up north to work. I have spent the last 15 years teaching him about the farm, and now he plans on throwing it all away.”
Joe understood why Bill’s son wanted to get away. Ever since Jake was old enough to walk, he worked beside Bill.
Once he finished high school, Jake stayed on the farm with his dad, trudging away, waiting for his opportunity to take over. But Bill was hard headed and refused to give Jake any responsibility. Joe figured Jake must have had enough and decided to create his own success elsewhere.
Joe felt for the two men who sat with him. He knew they were getting to the age where things weren’t as easy as they once were.
Though none would ever admit it, the three found that they were exhausted from the daily chores. Joe felt he was lucky. He knew that his son, Randy, was going to take over in the next couple of years.
Though Joe had never directly asked, Randy had returned to the farm upon finishing college
and Joe made it a point to slowly give him control over things so
he wouldn’t become restless like Bill’s son.
However, Randy was becoming scarce lately. Jane had mentioned that Randy met a young lady who lived in the city and was taking time off to visit her. Joe wondered if his assumptions were correct. He had never thought to discuss this kind of stuff with his family, but perhaps he should. He planned on retiring
soon and he did not want to find himself in the same predicament as his friends.
After the men were finished, they paid their bill and left. Joe said goodbye and approached his truck. He decided he needed to discuss the future of the farm with his wife and children to ensure that everyone was on the same page and he was going to do it as soon as he got home.
Marianne Gray is a tax specialist in KPMG’s agri-business industry practice in Lethbridge. Her opinions do not necessarily reflect the views of The Western Producer. She can be reached at 403-380-5742 or by e-mail at mariannegray@kpmg.ca
