Sometimes we need a nudge, push or out-and-out shove to get unstuck. Consider this column a shove.
Sell the cows or get rid of an enterprise. When we significantly reduced our cow herd several years ago, it was mostly a financial decision. Markets, drought, BSE and, of course, some of our own choices, resulted in our decision to reduce the cow herd. Anyone who has been through that knows how difficult it is. As ranchers, our identity is tied to the cow herd. The unintended consequence for our father was a workload reduction. This gave him time to revisit his horse-driving passion, not to mention touring the neighbourhood and visiting with neighbours.
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A strategic approach to risk on the ranch
Given the increase in the value of livestock and the market volatility, we need to cover our risks. First,…
Get out of Dodge. Travel might not be everyone’s cup of tea, but physically leaving the operation for longer than a weekend opens the doors for the next generation to figure many things out. Have some planning sessions about what needs to be done, who is going to do it and go away. Leave a couple of signed cheques, or, if you dare, the company credit card. None of us is irreplaceable. And even if we don’t love travel, we can turn it into a working holiday. Volunteer in another country, set up ranch tours or just kick back. If it feels more comfortable, sign up for a group tour and leave the driving and logistics to someone else.
Volunteer. Many of you likely are already doing this, but it is a great time to get involved with some non-profit organizations in your area or beyond. Now more than ever these groups are looking for wisdom, expertise and perhaps some bodies to do the heavy lifting.
More ‘Depth of Field’ with Kelly Sidoryk: Finding the weak links in your farm operation
Mentor. Our kids love hearing our advice all the time. Ha, they do not. They want to figure things out on their own. One tactic I learned recently is to ask, “Would you like some feedback?” before offering advice. But more to the point, often those outside our immediate family are thirsty for wisdom, suggestions and support as they embark on new journeys. There are many groups hosting mentorship programs such as the Canadian Cattle Young Leaders or Agribition’s Next Gen programs.
Become the new hired person. This is not easy, unless you have mastered the suggestion in the previous paragraph on only giving advice when asked. A mentor and good friend of mine was able to make this switch. He told the next generation he was happy to help when he felt like it, but they were not to assume he was going to be there all the time. And he got to pick the jobs, for the most part. One was riding and checking cattle and fence. He loved to do that.
Get a job or start a new enterprise. It does not have to be a huge expansion. Maybe you want to play with genetics and develop some foundation females. Or how about starting the sheep enterprise? This one works best if you have someone to handle the fencing. But honestly, in this post-COVID-19 era, there are many jobs out there.
Get a dog, a horse or a bike. Whatever you need to keep active. I don’t need to tell anyone how important keeping active is to the aging process.
Are you ready for this one … move off the farm. Okay, this may not be for everyone but being proactive when it comes to change can be a positive move for all involved. And it does not have to be to town. Maybe it is to a smaller acreage. Or maybe you just have to make some modifications to the house and agree to more support, be it house cleaning, yard work or cooking.
If you have not done it already … update your will. It does not have to be perfect with every potential outcome covered. But if your last will was done when the kids were in elementary school and they now have kids of their own, update it. We have all heard tragic stories, where people were not prepared. Cover the basics at least. Do you have an executor? That can be a big challenge if left to one of the children, so how about having two? Remember, your children are most likely beneficiaries as well. Almost all lawyers these days will have you fill out a power of attorney and living will. It is one thing to make bold statements about your wishes when you are in relatively good health but another altogether when you are in a hospital bed and the family is gathered outside.
Consider circulating some of that money. Who could use it most? It might be your grandkids: to go to school, travel or start their own enterprise. My dad used to ponder how much money was in 80-year-old widows’ savings accounts doing nothing but collecting a measly bit of interest.
I have never met a rancher or farmer yet who liked paying taxes. If you don’t do some estate pre-planning, guess what is going to happen? There are strategies to mitigate this, but it takes a good tax accountant and likely a lawyer. Don’t assume what you heard from Joe at the coffee shop is a universal truth. You need advice about your specific situation. Probate laws differ signficantly between provinces. And good old capital gains exemptions for qualified farm (or fishing) properties are not guaranteed to stay the same.
Share that info. Do not keep it all in your head.
Plan your own funeral. I want mine to be a celebration, out in a pasture if possible, with some great craft beer and good music. May as well have a tent in case it rains. One of the best funerals I have been to was for a dear friend. They had an open mic and many people shared great stories. Best of all was a recording of his infectious laugh.
