With tax planning in full swing, our farmers have been coming in to not only discuss their tax/financial positions, but their succession concern.
The generation who took over the family farm in the 1990s and 2000s are at the age where they are looking to see who is going take over the reins of the farm.
When discussing the farm’s future with their children the reply is “I don’t want to be tied down to the farm like you!”
This reply sounds all too familiar to the current generation who are operating the farm.
But this is not peculiar to farmers – our internal contract accountant told us he was going on three weeks holiday in July with his wife wanting to go for five weeks (an employee).
His response to her “I can’t take that much time off”.
It occurred to me in the majority of cases of children of small business owners, this can be their response when considering entering the family business.
Be patient, from experience once of the children have had a taste of the working world they come back to the farm.
Remember, we were all that age once.