b'TRANSITION PLANNINGHow to Help Grandpa, Finish WellI WASNT ABLE to talk for years about what4. Communication is hard to restart once happened with my grandfather, a young farmerbrokenYou are desperate to have some form of confides about a bitter land transition battle.communication.Leaving a farm legacy isnt just about money andWorkaholism and family dictatorship isnt a badge land. Legacy involves how you wish to be rememberedof honour. If you dont wish to help grandchildren get and and resolve conflicts before death. Do you want astarted in building equity with transfers of your assets, family tree flourishing? Do you realize grandchildrentheyll seek non-family joint venture partners.are just as passionate as you were in your late twenties? 5. Character and legacyWhat do you want What is stopping you from gifting with a warmwritten on your headstone? How would you like to be ELAINE FROESE,generous hand rather than a clenched fist? remembered? There is a song that says, when it is all author, speaker,I have my hunches. said and done, things will just not matter. coach, farm partner. Life is1. Money equals securityYou are afraid that youOur rural towns need strong families and farm precious. Death iswont have enough to live on for the next 20 years,businesses to be sustainable and thrive. Imagine if not to be feared. Visit elainefroese. even though you have $500,000 in the bank, andevery farmer in their 80s took their legacy to heart and com/shop/ forshares in the company.did the things to finish well.communication resources toRalph Waldo Emerson said, your health is yourWhat would it look like to have grandparents get the toughwealth. celebrating the success of their farming children and conversations started.Your pension income, your debt free living, and yourgrandchildren?personal wealth will keep you going. Why not transfer6. Its not all or nothingWealth can be transferred those farm assets and see the pride of ownership shinein stages, but a plan needs to be legally binding on your grandsons face?and well thought out for tax planning and meeting 2. Losing control is hardYour friends are all dying,expectations of all generations. Its not a you and you certainly cant control that. Facing death iswin, I lose type of scenario. Farmers are fiercely hard for you, so you deny the invitations to updateindependent entrepreneurs. The new crop of leaders wills, and invoke the power of attorney thatll protectis going to use a collaborative approach, team up with your affairs with your trusted advisor now. Is holdingnon-family and seek out innovation.on for you the only thing that gives you a sense of7. Its not cool to be a laggardRemember how power and control over your own destiny? Yikes.good it felt to finally get that new or gently used piece How about extending the hand of forgiveness andof equipment to make your farm tasks easier and be forging a new reconciled chapter in your family? Howmore efficient in your work? Early adopters are the about dying without any regrets? ones that see profits first, long before the laggards, the 3.Hard times could happen againYou recall thelast ones to change or even know what happened. Be depression as a young person who struggled. You arecool. Be ahead of the game, rather than the unwise proud of the wealth you have built. You might senseone who is left behind. Use common sense and your others see you as greedy, but you dont care anymore.wisdom to be adaptable and trust your team of advisors Your heart is so hardened that not even your wifesto help you finish your farming career well.pleading for family connection and harmony can get8. Theres still a place for you on the farmYou you to budge. Your word rules the day. You thinkwill never fully retire but your role as you age is now interest and debt is evil, but do you realize that transferdifferent. Be an elder mentor. Be the fellow who folks of assets could be a big boost to debt servicing capacitylike to come for a historical perspective on how to be of the next generation. Your young grandchild canresilient.get young farmer rebates and loans that he or she canLet go of equity and finish well grandpa. manage. Please trust them!54SPUDSMART.COM Winter 2023'