b'TRANSITION PLANNINGThe Power of Target Datesand BY WHEN?THERES NOTHING scarier for farmers who area sense of their timelines. For example, By when dad do trying to gain control over their lives than to have no clueyou expect to let go of being the main manager? By when about what the future holds. I call this the pain of notmom do you intend to let go of bookkeeping? By when knowing. daughter do you want equity in this farm business as the Engage the power of target dates and timelines to createsuccessor?action.Start saying, By when? By when can we block time4. Book some counseling time if youre emotionally to update our wills? By when can see the financial plannerdistraught and need new coping skills. My coaching to have secure income streams as we step back on this farmclients realize that counseling is about recovery and ELAINE FROESE,without stepping away? coaching is about discovery. Some folks need to have author, speaker, coach, farmSpecifically: therapy to release the burden that is keeping them stuck partner. Life is1. Talk to your spouse about letting go of power andin neutral. Take care of your mental health. Visit the precious. Death is not to be feared.control of the farm, and what that might look like.National Farmers Mental Health Alliance website Visit elainefroese. Engage in intimate conversations about what is keepingat nfmha.ca or DoMoreAg website at domore.ag for com/shop/ for communicationyou awake at night. Decide on the date for becomingresources.resources tothe hired man again. Youre likely not ever going toHere is the farming forecast: get the tough conversationsretire, just reinvent your roles. Google Dick WittmanMany aging, 55-plus farmers are procrastinating, and started.stepping back without stepping away. not sleeping well, struggling with anxiety and depression. Theres a tug of war on their heart regarding their fear of 2. Action begets more action, so youre going to havefailure. Should they turn things over gradually? What will coffee in a casual way with your family to talk abouttheir new roles be? Will anyone really appreciate them your new chapter. This includes the farming andwhen they get older or thank them for what they have non-farm business heirs. Meet with each adult childhelped to grow? independently of the others. Theyre scared you arentFace your fears. Talk with your spouse. Set dates. Act.dealing with your future lifestyle choices, and they wantYou have some tough conversations ahead as you farm you to enjoy the fruit of your labour. Hire a coach withheirs cannot afford to buy your land. great communication skills to keep the family meetingsBlock time on your Google calendar now and start safe and respectful.taking the next step. You need thinking time to decide what you want. 3. Set dates with your accountant and tax plannersYou need to be in alignment with what your spouse to discuss your net worth, your living costs, and yourwants.intentions to bring along the next generation. RememberYou need to share expectations and be clear with your April 30 is always a deadline you honour with youradult children and their spouses.accountant, so how about timelines for farm transition?Dates and money. Its a process, and may be a series of dates, not just one day.Dont let the little foxes of family irritations spoil the The key dates are nailing down your income streams goingvineyard of potential success.forward with a financial planner. The tactical decisionKeep your promises. Honour the timelines and dates. making of your accountant and lawyers comes after youBe concrete with your proposals. Then your entire family have clarity of expectations from all family members, andwill sleep well at night and be certain of their future. 44SPUDSMART.COMSummer 2023'