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  • Writer's pictureDarryl Smith

Your Retirement Plan – Is It Time to Sell the Family Farm? (Part 4)

Your Retirement Plan – Is It Time to Sell the Family Farm? (Part 4)
Your Retirement Plan – Is It Time to Sell the Family Farm? (Part 4)

For many workers, their job is not their whole life. But as a farmer, your work is your identity. As someone who is constantly managing day to day tasks and staying on top of every aspect of your farm – your life is extremely busy and stressful at times. But if your excuse for not making a financial plan now for your retirement is because you don’t have time, when will you have time? It’s time to start investing ‘some’ of your time into your future now before you’re scrambling around because it’s too late.

It’s time to act now.

It’s the same for a lot of business people – we put out the big fires first and then if there is enough time and energy left in the day, then we start thinking about big picture planning. Think about how much time you’ve spent up till now on planning for your retirement.

Have you considered your life after work?

The current business world is complex and never ending. Every day it feels like a whirlwind of things to manage such as paying bills, dealing with loans, dealing with taxes or payroll, government agencies, managing your crops, working with veterinarians, farm maintenance, banking, insurance and so on. But what happens when that all stops? When you hit retirement are you ready to stop working completely or will you slowly begin to contribute less and less to the business while someone else takes over? Some of us feel that when we retire, we “get old” and that’s it. But if you have your financial ducks in a row, you can spend less time worrying about your retirement finances and more time enjoying yourself and doing the things you love. It’s important to stay busy when you retire so think of hobbies you enjoy doing or might like to try. Or if you want to continue working think of jobs or tasks you’d still like to do.

Have you thought about your income after work?

When your working days are done, your income may be too. Do you know what your sources of revenue you will be after you retire? Do you know the minimum sale price of your farm and assets for you to fulfill your financial needs during retirement? Have you planned for any large financial events that may occur during your retirement such as family medical emergencies, a new roof, a new car or vacation spending? By planning with a financial advisor such as myself, I can show you how to increase your liquid wealth, create a cashflow system that will manage and pay your bills automatically and have cash reserves ready for you in the case of an emergency or lifestyle accounts such as vacations or a new car. You don’t want to be worrying about your cash flow and where your money will be coming from during your retirement. If you plan now, I can help you set your retirement cash flow and bill paying on autopilot so you’re ready to live stress free and debt free during your retirement.

Your business is one of a kind. You and your family have worked hard for your farm and everything that it is and stands for. There was a great deal of blood, sweat and tears that went into running your business, but for you, there’s also a lot of great memories and a long history that your farm holds. I want to help your family make the most out of the decades of hard work you have put into your farm, so you have time left in your lives where you are healthy and can enjoy the fruits of all your hard labour. Don’t wait and suffer any significant financial repercussions or downfalls just because you think you ‘didn’t have time’ to start planning your retirement and the succession of your farm sooner. Contact me today, Darryl Smith at and let’s schedule a meeting. I understand first-hand the work that goes into running a farm and I understand even more what it means to have to say goodbye. Also, be sure to check out my guidebook 10 Tips to Maximize Blue-Collar Wealth to help you get started on your retirement planning. With my first-hand experience as well as my financial expertise, I am the person you can count on to help you make the right choices for you, your family and your financial future.

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