As I mentioned in my presentation, I am the eighth generation working on becoming part of the farm. As of right now, there is no succession plan in the works, but the conversation has begun.
Generally, succession plans for farms take a minimum of 10 years to transition from the parents down to the children, and some farms can take even longer. I think it would have been very beneficial to be provided with some help in that sense, because it is a lot of money and a lot of debt for the next generations to be taking on.
Eight years ago, my parents were able to take over a partnership from my father and his grandfather, so they are servicing the debt from the previous generation. That's going to be passed on to me, as well as the tax implications, when that transfer takes place.