Hopefully, some time in the not too distant future sucession planning will be an issue for our kids as we work out the best way as a family to give someone (or sometwo) a start in farming. But it might not be the case, we may end up being one of the many families, who for whatever reason, are the last of their family to farm.
Farmers in this situation might think that with succession off the table, planning is not necessary. Realistically however, it’s just as important to plan our legacy, our retirement and care in our old age.
It’s easy in my 40’s to sit here and think that it would not be confronting or difficult to look frailty and death in the face, but that is the hubris of youth, or relative youth perhaps. These things are hard.
So for those out there avoiding it, here are a few things you might want to consider in your legacy & retirement plan.
#LegacyGuilt
The clever Emma from North West Rural Financial Counselling Services coined the term #legacyguilt on LinkedIn last week. It’s the feeling of loss and grief associated with the sale of a multigenerational property. She identified that “farming isn’t just a job. It’s an identity, a purpose, and a legacy”
Most farmers are intergenerational. Some stay on the one farm for many generations, others head off (north, east or west) in search of lower rainfall country every generation or two.
There are people all around the world that can identify with this connection to land. Look only to the middle east and our indigenous friends closer to home. It’s understandable to feel loss at the change of connection to your homeland, even if the choice was a positive one.
Conservation or biodiversity agreements may help with ongoing custodianship of special places on farm and farm visits or camping might be helpful to maintain a connection, the change to identity is much more complex. Some people might need professional help to work through this, and it’s important that the whole family are supported.
Financial setups for retirement
A friend of mine who works in aged care quipped that “it’s easy if you have no money or tonnes of money, for anyone in between it’s expensive” Now this is totally out of my wheelhouse, but talking to a good financial planner is essential. This podcast from The Financial Bloke is quite good explaining some of the basics.
Leaving your mark
Just because you plan to leave farming or leave a district, does not mean that there are no longer opportunities to contribute in a meaningful way.
We recently celebrated the centenary of our little school at Tallimba. It started with about 10 kids, peaked in the 70’s with about 80 and is back down to 6 again. It was great to spend time with many families who had left the district, and are still strongly connected to it. They really loved the records of history that included them, their names and their farms. Capturing this history often falls to the local Hysterical Society, if you have one.
A Lasting Tale collect stories of life and memories and would be a great thing to do for any family.
It would be great to see more public art in our little towns and villages, just imagine commissioning someone like AndrewWhitehead to create something beautiful from the 120 years of rusted spanners, points and horseshoes in the corner of the shed at home. Placed in a local park it could be a way for all branches of the family to celebrate a multi generational connection to a farm or region.
Organisations like the Peter Westblade Scholarship are open to bequests and donations to help support young people in the sheep industry and there are a range of many other organisations across all industries that would be welcome to start a conversation.
If anyone locally wants to make a impact, I would point them in the direction of the Northern Jet’s Footy & Netball Club at Ardlethan that desperately needs a new canteen. We are open to naming rights 😂. Memorial pie warmer anyone?
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