Today, my father, a cousin, and I went to a farm show. It was fascinating. The technology and scale of farming equipment have grown tremendously since the 1980s when I grew up on my dad’s farm.
The 100-acre family farm is a thing of the past. The 1,000-acre business farm is the way of the future.
Massive, highly automated tractors can be yours for $500K—though you’ll need a few of them to tend your 1,000 acres, along with an understanding bank. The money required to run these farms is just as massive.
One of my high school friends is grappling with the future of his large farm. Business is good, but he’s also facing recurring cancer. Surviving cancer once is a victory; surviving five times changes your life plans. So, what does he do with his farm? His children are too young to take it over. What does his wife want? These are tough questions.
As I catch up with old friends, I realize that everyone has a parent or family member facing similar challenges. The real trick is learning to thrive and find happiness when these problems inevitably come your way.
If you’ve figured that out, please let me know how.