I’ve found that farmers and ranchers spend so much time building their operation they rarely sit down to figure out how to keep that operation going for the next several generations.
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You may be one of those farmers who is so worried about where the money is coming from for next year you can’t fathom thinking about two generations from now. You may even figure each generation can take care of themselves because you did.
If so, I have to ask,
if you are working so hard to build it,
who are you building it for?
Maybe you don’t have an answer – maybe the answer is easy. Either way, think about this situation:
You work your tail off to get by but don’t have things setup for the next generation and they lose it because they can’t hang on. Costs are going up, not down. Inflation is at all time highs. It’s not going to get easier, it’s only going to get harder for the next generation.
Heck, the next generation doesn’t even want to farm because of these struggles, yet most farmers are not preparing. I’m going to ask you again, why are you working so hard to build something you don’t even care to protect?
Take a moment to consider how you can help keep that operation going for another two or three generations. I am NOT talking about handing the farm or ranch over to the kids. If you’re like others, you worry that they won’t appreciate what they got because it was just handed to them.
What about that next generation who has worked their tail off alongside you for years to help you build it? They deserve the courtesy of you caring enough to prepare for the handoff.
As I mention in the book Farming Without the Bank, research shows that by the end of the third generation any money left will be gone. This is no different in farming! By the time the fourth generation is born there might not be a farm if we are not preparing. You are NOT in this alone, you have a partner and that partner is the next generation regardless if it’s a son, daughter, niece, nephew or cousin. Treat them like they are a partner and make plans for them to take over.
There are many things you should be doing to plan from wills, to trusts, to life insurance but if you do nothing, none of your hard work matters.
If money is a huge factor for you today, it’s going to be a huge factor tomorrow. That fact is never going to change, but there is a solution for the future.
Are you going to leave those in line with money to continue or in the cold office of Mr. Banker? Having a death benefit to leave is a great way to give them tax-free money they can continue operating the farm or ranch with.
The Farming Without the Bank system is not just for today, it’s for tomorrow as well, heck it’s for generations to come.
You don’t farm half-heartedly so don’t plan half-heartedly either.
If you don’t have the book “Farming Without The Bank“, GET IT NOW! (It’s less than $25.) Waiting isn’t going to solve the problems. When you are done reading it, call me so we can visit!