I will also put on the record that we went through a similar process. My brother and I used the incorporation as a process to buy our parents' assets out over time. It took us about six years. We then became an incorporated model from a private partnership prior to that. We also tried to do everything right. We worked with professionals and developed our own—between my brother's family and mine—succession plan. We dealt with the three Ds, and we forgot something. I've had numerous conversations with other farm families, and that's why I feel somewhat obligated to put this on the record here.
If you're in a business relationship, through insurance, it is possible to deal with the death, divorce and disability processes. Also, in the face of disagreements, it's also possible to set up mechanisms inside a business plan that, over time, can develop transfers.
One thing our family forgot, and perhaps you might be close to the situation, is dealing with something called voluntary withdrawal of a partner. In discussions with many farm families where one partner now wants out... Quite frankly, I'm blessed with four daughters. They're going in four different directions, and none were on the ag side. I hear that in your testimony as well.
We didn't have a formal mechanism short of the blunt instrument of shotgun clauses, which, for those of you who don't understand, is where one partner offers to buy the other out and then makes him or herself vulnerable for the reverse offer back. To deal with and negotiate through a process of voluntary withdrawal that, first of all provides an income to the departing partner, but, secondly, doesn't strangle the operation in its cash flow going forward.... I think you would be in a similar situation with your operation.
I see, Mr. Chair, that my time is coming to an end, so I will perhaps pick this up in another round.