FREE NEWSLETTER
RETIREMENT IS A HUGE decision, as readers of HumbleDollar well know. Retirement from a multi-generational business is even harder, because there isn’t really a day when you can say, “I’m retired.” Like the Hotel California, “You can check out any time you like, but you can never leave.”
I’m 65. That’s an age that carries a lot of social expectations. Age is not a continuum, but rather a series of milestones, and 65 is a big one. Is 65 old? I suppose it depends on the circumstances. When my grandfather was 65 and I was eight, I thought he was ancient. When my parents turned 65, I thought 65 seemed much less old. When my wife Julie and I turned 65, neither of us thought we were old.
Social media often runs pictures of old people from long ago, pointing out that people aged faster in the past than they do now. The people in the photos are certainly younger than you or I would guess. But then again, the photos are chosen to leave just that impression and, I suppose, to make us feel better about our age. We’re fatter than our ancestors, which hides wrinkles on our faces, and we’re less likely to smoke. Maybe we’re also using Botox and the surgeon’s knife to fool the camera, although not so much here in Tarkio, Missouri, the small town where I live. Still, I do have a suspicion about the use of hair dye among some of my contemporaries.
I spend a lot of time on HumbleDollar. One of the topics often tackled by writers is the proper age to claim Social Security. We’ve so far decided to wait, but I keep running the numbers in my head. This is an important decision for us and the website’s other readers. But it occurs to me that most people probably aren’t that interested in the subject. Maybe one way to judge age is whether or not you’ve turned into a total bore.
I’ve retired from one job. I spent 10 years as the president and CEO of the Missouri Farm Bureau, which is a farm advocacy group and insurance company. I didn’t leave because I was nearing “retirement age,” but because it was time to come home. I’m pretty sure both the Farm Bureau and my family are better off for the change, although my family has probably had days in the past two years when they weren’t so sure.
To know when to leave, to quit, to retire, is the hardest of decisions. I’m pretty sure I hadn’t lost the ability to make good decisions, but I am sure that my faults as a leader had become ever more calcified by time, my ability to change when change was needed was waning, my blind spots more likely to cause problems. That’s inevitable, a part of life as certain as gray hair and aching joints. It becomes sort of a calculus. When does the rising arc of experience intersect with the declining ability to change and learn? There’s no correct answer, I suppose, but rather an imprecise balancing act between the good of the organization, your personal life goals and your family.
I haven’t retired from our family business. Heck, I’m not sure I can. The business needs the help, as little as I offer. And, of course, I enjoy the work—mostly. But just as the Farm Bureau needed fresh ideas and new faces, so does our farm.
I’ve heard people talk about patriarchs who handed over management of a business while still providing much needed labor. I’ve also heard about unicorns, but I’ve never seen one. I can’t let go, you see, which is something that runs in the family, as it were. When the gerontocracy runs the place, experience means that few big mistakes are made. But the lack of change over time compounds at an increasing rate, and that can lead to real problems.
No doubt those who never move on, who never let go, stay sharper longer. As my grandfather, who was still actively farming in his 90s, used to say, “You’ll rust out before you wear out.” What’s good for Grandpa may not be best for the organization he leads, however, and that balancing act is the challenge that confronts all of us 65-year-olds running family businesses.
We’ll struggle and muddle our way through this old age thing, gradually and then not so gradually slowing down. Maybe I’ll finally learn how to fly fish, or let the younger generation run the combine, while I write that book or travel through Europe. They’ll figure it out and maybe I can stay mentally alert by taking up fantasy baseball or fixing the flaw in my golf swing. Or, I can start a new career, one that values my experience, but one where I don’t block those in the next generation from their chance to make their own way.
I’m thinking Walmart greeter.
Blake Hurst farms and grows flowers with his family in northwest Missouri. He and his wife Julie have three children. Their oldest daughter and both sons-in-law are involved in the family business, growing corn and soybeans, and shipping flowers to four states. Their middle daughter is the chief operating officer for a small hospital. Their youngest, a son, is a lawyer for the Department of Justice. Blake and Julie have six grandchildren. Blake is the former president of the Missouri Farm Bureau and a freelance writer.
Want to receive our weekly newsletter? Sign up now. How about our daily alert about the site's latest posts? Join the list.
Just read your article, which was great. Knowing the right time to go is not always easy and for some, it can be traumatic. In my own case, I was responsible for a lot of people and made a good living, but was bored. I was also increasingly conscious of my peers retiring and their replacements being 20 years or more younger than I was. I had long joked that many of my experiences had occurred “when dinosaurs still ruled the earth,” but the realization that I was one of those dinosaurs took some time to sink in. However, when I became eligible for Social Security, I put in my papers and left with no regrets. I worried a lot in the first couple of years whether we would have enough money to live on, but time has proved that its unlikely that we’ll run out of money. Beyond that, the biggest challenge that most people face is what to do with their time. Fortunately, I have hobbies, play sports and can otherwise find ways to fill my days. The Pandemic has been tough on travel, but I am looking forward to at least a few more years of travel while wew are still physically able.
That’s such a good piece I think maybe you have found a new career as personal finance writer with a Prairie Home Companion sort of twist. Just sayin.
Good article and it is a tough decision, and I do think we are more active than our parents were at this age (69). I played 3 hrs of pickleball this morning and do several times a week, my father would not have thought about what excercise might do to improve the mind and body. Unfortunately in my opinion, gerontocracy is running this company and it’s not going to change. We have a president who is 80 and will run again. He will run againsts an opponent who is 76 and we have congressional members who are routinely in their 80’s and 90’s. We should make room for the younger generation especially in the leadership of our country. Can we say term limits?
Nice article. You can get some help with when-to-take SS claiming strategies using the fine calculator provided by Mike Piper at https://opensocialsecurity.com/
Blake, what a great article—insightful, witty, and thoroughly enjoyable.
This line caught my attention: I’m pretty sure both the Farm Bureau and my family are better off for the change, although my family has probably had days in the past two years when they weren’t so sure.
It reminds me of another great quote I’ve heard, usually in response to some politician’s announcement that they’re leaving office: If you say you’re leaving to “spend more time with my family”, you better check with your family first.
I’m also 65. I can say that this is one of the best articles I’ve ever read on any financial site. It really hits home to me. The subject, perspective, and writing style are brilliant! Thank you so much.
I suspect retiring from a family business is very hard. Just recently I had discussions with several people who did that. They all related how hard it was to let go. One friend claimed he retired years ago, but showed up at work everyday just for something to do. Only last year did he sell out his share to a partner and actually retire.
Retiring from a job is quite different. In the old days one retired because they wanted to, looked forward to, especially if the work was blue collar and physical.
Those of us who worked in an office environment faced a different challenge as we aged – other people, new ides and philosophies about just about everything. Those who may be foolish enough to say “we have always done it that way” are not long for the working world.
In my case, the change I could not accept was how workers were treated. Any remnant of paternalism was abandoned in favor of the bottom line, long-standing commitments were ignored, even creativity and commitment to employee communications was reduced to that which was required.
It was time to go or go crazy.
Having gone through several buyouts into larger corporations it seemed to be what you stated. The bottom line was all that mattered. Part of it too was the size of the organization. The larger the more vicious it seemed. I count my blessings that my introduction to the business world was with a really great company. One, that if it still existed today, I would actually work there for free. Maybe today’s youngsters will look back fondly on their “early years.”
Loved this piece. I think a lot about the balance between what I want (and need financially) with what my employer (a university) needs. I have tenure, and I’m not going anywhere until I want to go, but at what point would they actually be better off without me?
Beautiful.
Friendly criticism Mr. Hurst, but you did not mention your contemporary opinion(s) when you were a younger person about how Grandpa or Dad was running the business as “old men”. Were they more correct to remain in charge or step aside at 65 or 70? It sounds like you took note and are ready to step aside for the next generation. You gave them 10 years away to figure it out.
Thanks for joining the HumbleDollar family. It does my heart good to hear your daughter and your sons-in-law are poised to take over the family farm. I think farmers are often underappreciated for their contributions to the world’s food supply.
Blake, thanks for the thoughtful article, and welcome to HD. You raise an intriguing topic – how and when do generations pass the torch to the next. I managed groups during a period of dramatic change in our government customer, when they transitioned to lower cost instead of higher priced experience. It was jarring for many senior engineers when they realized they weren’t as valuable as they thought. Changes in technology were a big driver in this. Those who’re able to adapt, change, or keep their skills fresh handled it better.
Blake, Welcome to HumbleDollar as a writer. I look forward to more articles from you.