“Money is not the definition of wealth.”
– Unknown
America’s Oldest Family Farm
In 1632, John Tuttle set foot in the New World from England, not empty-handed but with a land grant bestowed by King Charles II. This grant awarded him a modest 20-acre plot situated between the tidal waters of the Bellamy and Piscataqua rivers, which would later evolve into Dover, New Hampshire. For over three centuries, the Tuttle family farm flourished and expanded.
The Tuttles faced numerous challenges over the years, including Revolutionary and Civil Wars, the Industrial Revolution, economic downturns, and relentless competition, among others. Despite these adversities, they managed to endure and thrive.
Having commenced operations in 1632, Tuttle Farm now proudly holds the distinction of being America’s oldest continuously operated family farm, passed down through 11 generations. The question arises: what was their secret?
From its inception, the Tuttle family chose a path of productivity. The second John Tuttle, born in 1646, was not only a farmer but also owned a sawmill, had shares in several sailing vessels, and briefly served as a colonial court judge—all while managing the family farm.
However, their journey was not without tragedy. The third generation’s John fell victim to an Indian ambush at a sawmill in 1712, yet the family continued to prosper. Local lore even suggests that their maple syrup was purchased by Abraham Lincoln.
Property inheritance was typically passed strictly through the male line, except for one notable exception: Joseph Edward Tuttle passed away while his son was still an infant, leading his brother William to take over for around 40 years until his own passing in 1911. Joseph’s son, George, then assumed control.
Operational Durability
Initially consisting of 20 acres, the farm’s area was expanded over time, reaching a peak of 240 acres during the 20th century. Notably, during the mid-20th century, Hugh Tuttle implemented significant changes to ensure the farm’s longevity, including a forest management program that created a reliable income stream from logging and the construction of two large irrigation ponds in response to drought.
However, history’s advance often brought challenges. For many years, Tuttle’s primary customers were local grocery stores and restaurants. Yet, with the rise of the interstate highway system and improvements in trucking and refrigeration, produce from California, Washington, and New Jersey began flooding the New England market at lower prices, jeopardizing local farming.
In response, Hugh constructed Tuttle’s Red Barn, which quickly became a landmark and a successful retail venue. Tragically, Hugh passed away at 81 in 2002.
Following him was William Penn Tuttle III, assisted by his sister Lucy in managing the farm and the retail store. They renovated the old barn into a new farm stand and diversified their product lines to include gourmet cheeses, baked goods, plants, and more. However, after years of hard work, they recognized they could not maintain the same pace and actively discouraged their children from continuing the family legacy.
In 2007, Will Tuttle sold a conservation easement to the Strafford Rivers Conservancy, funded primarily by the city and the New Hampshire Department of Transportation. Three years later, Tuttle Farm was sold to Tendercrop Farm, marking a significant transition, as it was the first time in nearly 380 years that someone outside the Tuttle family took control of the land.
The legacy of the “oldest” family farm in America, while it lasted, represents an extraordinary accomplishment, demonstrating the enduring contributions of 11 generations of the Tuttle family.
Is Your Wealth Durable?
The concept of durability, exemplified by Tuttle Farm’s resilience through centuries of challenges, is a quality that deserves recognition. Yet, discussions about economic durability seem scarce amid today’s business and investment conversations.
While sustainability is a frequent topic, the idea of economic durability—a crucial element of lasting wealth—has been largely forgotten.
What caused this shift?
One possibility is that the financial world has become increasingly abstract.
Economic durability is more apparent when tied to tangible assets such as homes, businesses, or savings reserves designated for emergencies. These physical reflections of wealth offer comfort and stability in daily life.
However, once we enter the financial sector, such as with mutual funds, the notion of durability begins to fade. Account balances are often seen as fleeting rather than made up of stable investments.
Terminology associated with finance—like correlation, allocation, alpha, beta, volatility, and expected returns—clouds comprehension. These terms often replace the more tangible concepts of actual businesses that investments represent, resulting in a disconnect between individuals and their ownership.
In today’s financial landscape, the sheer size of one’s savings account tends to hold more significance than the durability of those assets. The larger the account balance, the greater the perception of security.
Yet, durability isn’t solely about quantity. Money does not equate to true wealth.
A person with $10 million can swiftly lose their fortune just as easily as someone with $10,000. Many paths lead to financial ruin, accessible to both the affluent and the less fortunate.
Throughout history, fortunes have been lost to war, inflation, and government confiscations, while others fell due to overconfidence, excessive leveraging, envy, or simply living beyond one’s means.
To safeguard against such fates, it is crucial to understand the notion of durability.
As Warren Buffett aptly noted, “Only when the tide goes out do you discover who’s been swimming naked,” highlighting the truth unveiled in times of crisis.
As we face a potential economic tide retreating after a decade of growth, one must ask: Is your wealth durable? Are you prepared for the challenges ahead?
Sincerely,
MN Gordon
for Economic Prism
