Planning can help those aging on the farm

Mar 27, 2024

The conversation that comes with aging is never an easy one to approach, but with a little planning, growing older on the farm doesn’t have to be a stressful situation.

The average age of a farmer continues to rise, with data from the USDA showing the average American farmer is 57.5 years old. Some at that age are eyeing retirement in the near future, and some aren’t.

However, as farmers age beyond their 60s, a natural slowdown is to be expected, and a little bit of planning can help.

Aging doesn’t necessarily mean moving away from the farm.

“We find overwhelmingly that farmers want to age in place and stay at their farm or home,” said Megan Schossow, outreach director and center coordinator with the Upper Midwest Agricultural Safety and Health Center, which operates through the University of Minnesota School of Public Health. “But we also know that those farm homes can be a real nightmare because they aren’t designed for an aging person.”

She called the issue of aging on the farm “multifaceted” because of challenges unique to rural areas. Farms are often the home and workplace, and continued impediments to access to affordable health care make it tough for those in rural areas, especially those with health conditions, to get the help they need.

“There are a lot of folks in rural parts of the Upper Midwest that are traveling several hours to get specialty care, regardless of what it looks like,” Schossow said. “Often farmers are self-employed so that could affect insurance situations as well.”

That accessibility extends from clinics to assisted living facilities, which may not be as close to a farmers’ home and family if they are forced to choose that option. Schossow said she personally has had to deal with those issues as she has a grandfather in transitional care. It has been tough.

“COVID really shined a light on the assisted and nursing home care challenges we have, especially when it comes to staffing,” she said. “I don’t know if I have seen a lot of improvement myself, and it has been incredibly challenging.”

Part of the dangers of aging on the farm aren’t just in the way a house is designed, but managing the work that may come with older farmers operating equipment. Schossow said some of the top concerns she hears about are physical.

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Video: The Investment Opportunities of Industrial Hemp

The fledgling U.S. hemp industry is decades behind countries like Canada, France and China, but according to impact investor and this week’s podcast guest, Pierre Berard, it could flourish into a $2.2 billion industry by 2030 and create thousands of jobs.

To reach its potential, what the hemp industry needs most right now, Berard said, is capital investment.

Last month, Berard published a report titled “Seeing the U.S. Industrial Hemp Opportunity — A Pioneering Venture for Investors and Corporations Driven by Environmental, Social and Financial Concerns” in which he lays out the case for investment.

It’s as if Berard, with this report, is waving a giant flag, trying to attract the eyes of investors, saying, “Look over here. Look at all this opportunity.”

Berard likens the burgeoning American hemp industry to a developing country.

“There is no capital. People don’t want to finance. This is too risky. And I was like, OK, this sounds like something for me,” he said.

As an impact investor who manages funds specializing in agro-processing companies, Berard now has his sights set on the U.S. hemp industry, which he believes has great economic value as well as social and environmental benefits.

He spent many years developing investment in the agriculture infrastructure of developing countries in Latin America and Africa, and said the hemp industry feels similar.

“It is very nascent and it is a very fragmented sector. You have pioneers and trailblazers inventing or reinventing the field after 80 years of prohibition,” he said. “So I feel very familiar with this context.”

On this week’s hemp podcast, Berard talks about the report and the opportunities available to investors in the feed, fiber and food sectors of the hemp industry.

Building an industry around an agricultural commodity takes time, he said. According to the report, “The soybean industry took about 50 years to become firmly established, from the first USDA imports in 1898 to the U.S. being the top worldwide producer in the 1950s.”

Berard has a plan to accelerate the growth of the hemp industry and sees a four-pillar approach to attract investment.

First, he said, the foundation of the industry is the relationship between farmers and processors at the local level.

Second, he said the industry needs what he calls a “federating body” that will represent it, foster markets and innovations, and reduce risk for its members and investors.

The third pillar is “collaboration with corporations that aim to secure or diversify their supply chains with sustainable products and enhance their ESG credentials. This will be key to funding the industry and creating markets,” he said.

The fourth pillar is investment. Lots of it. Over $1.6 billion over seven years. This money will come from government, corporations, individual investors, and philanthropic donors.

The 75-page report goes into detail about the hemp industry, its environmental and social impact, and the opportunities available to investors.

Read the report here: Seeing the U.S. Industrial Hemp Opportunity

Also on this episode, we check in with hemp and bison farmer Herb Grove from Brush Mountain Bison in Centre County, PA, where he grew 50 acres of hemp grain. We’ll hear about harvest and dry down and crushing the seed for oil and cake.