Your farm is so much more than just a business, and your land is more than just a patch of dirt. As a farmer, you’ve worked mighty hard to build a successful business, and for most, there’s nothing you want more than to keep your farm in the family. But often farmers are faced with tough choices when it comes to passing their business on to the next generation.
Selling your farm may would bring in an immediate payoff, which can be tempting, but handing the farm over to your children can leave you with a more satisfying retirement, in which you can enjoy the fruits of your labour.
Keeping this long-term goal in mind as you build your business, will leave you with an easier transition when the time comes.
Building your farm’s brand
Your kids might want to put their own touch on things, but if you’ve put the hard work into building your farm’s brand and maintaining a strong customer base, they’ll have a strong foundation when they take the reins.
Farming with the future in mind
Sustainable farming is good practice for many reasons – not only from an environmental, health, and marketing perspective, but it also ensures that your land will continue to be productive when you hand the farm over to the next generation. The extra thought in caring for your farm’s soil now with practices like rotational grazing and increasing biodiversity, your land will continue to be a valuable resource in the future.
Consider a modular build
As you approach your retirement, additional housing may be required on your farm, whether that be for yourself or for your kids and their families. Choosing to build a modular home rather than building on-site can give you the results you want, saving both money and time.
With foresight and planning, handing your farm down to the next generation can benefit everyone involved. A combination of both environmental and financial sustainability will give you the confidence that your farm will continue to be in good hands well into the future. Contact Manor to help you build your sustainable farm.