WOODALLSCM.com May 2018 - 29 “As you show them how you do things, be open to them discussing a new approach,” said Sue. “Flexibility and ‘give and take’ are keywords. Being bossy with an ‘I know it all’ attitude could put a damper on the process. It’s like a marriage: some issues we compro- miseonandsomewherewefeelstrongly,we explain why. Respecting each other makes working together pleasant.” The Randalls placed the RV park into a trust they will manage until their deaths. Joy is the executor of the trust and when she takes charge of the trust will be able to make all decisions, including whether to continue owning the business or selling it. Alton RV Park stays open year-round, which provides for continued income during cold weather. The Randalls have arranged to receive income from the RV park as a monthlystipenduntiltheyarebothdeceased, whether still working or not. In the arrange- ment, the park pays Joy a salary, providing steady income while raising her family. The Randalls named their other two children as beneficiaries of their IRA retirement funds, while eliminating Joy’s name. “This might not be totally fair in the end, but we thought it was the best way,” said Sue. “We did not want to have voting members,butnon-participatingmembers,as part of a trust. We were concerned that not all family members would agree on issues, potentially causing dissention between the siblings. “Joy is taking a risk by leaving a secure job,” she continued. “She will be the main adult child helping us as we age. With those factorsinmind,wefeltitwasokaytogivethe campground to her. If we would have required her to buy it for what we feel it is worth, she probably would have said no to a bank loan. Who knows, if we live long enough, the stipend she pays us each month might add up to what the actual value of the campground is worth. As our lawyer and fi- nancial planner tell us, ‘no one has a crystal ball for the future.’” — Leanne Phillips & Ben Quiggle WCM Sue & Jim Randall have agreed to let their daughter make payments to them in lieu of having to get a bank loan to purchase the RV park. was, ‘If you are going to sell the campground or pass it on to family, you should do so while the park is in tip-top shape and being managed efficiently,’” said Sue. “If you wait until your health declines, the park will decline at the same rate. A deteriorating campground will not be as valuable.” The Randalls took this advice to heart whenapproachingtheirthreegrownchildren —twodaughtersandason—togaugetheir interest in someday becoming the third generation of the family to own and operate Alton RV Park. Their son and one of their daughters were not interested. Joy Randall, their other daughter, indi- cated she would like to run the campground atsomepoint,though,andeverythingfellinto placein2017whenSueRandallturned70and her body and mind really began telling her she needed to have more help at work. At the same time Randall started drawing monthly income from Social Security, Joy was ready to leave her corporate career and join the Alton team. “It was a step of faith walking away from her secure job, to step into the family business,” said Randall. “In September 2017 Joy came to work at Alton RV Park, working beside us. “This gives her a chance to be an appren- tice,sotospeak,”shecontinued.“Ithasbeen a delight to teach her how we run the busi- ness. Joy has brought fresh ideas and is teaching us more efficient ways of operating. Our running joke is about the differing mind- sets for a reservation system: Old school is by paper and pencil in a notebook/calendar; Joy wants to computerize it. We have faith it will be agreeable — and we will work together.” The Randalls plan to continue living on-site until Joy’s youngest child graduates from a nearby school district, at which time she will be free to move to the park. During this period of transition and training, Randall explained the importance of adaptability on the part of both generations. Sue Randall, on the right, is currently helping her daughter, Joy Randall, on the left, adjust to running the Alton RV Park.