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| I appreciate all the replys so far. Basically as of right now, things would be split 25% to each kid but that doesn't sound set in stone. We have about 300 acres paid for right now and there is about 550 that we rent, part of that is family owned ground. We will have the income to expand the operation but only if it makes sense. ie good ground close to home or near other family property. Unfortunately there is a land hungry farm that is close by that does not do things the right way in my opinion, scorched earth method, not taking care of weeds. My parents want us to continue on the farm operation and recognize the need to expand to continue, but if things get split "equally" it does not even remotely pencil business wise. I will be reaching out via email to those that offered to share, we DO NOT want to shortchange the other siblings, as they are reasonable. There is one that lives close to the farm currently and her husband will help out when needed for harvest but they have no interest in "full time" but the other two have no interest in farming.
I think the reasoning behind the equal split is that I haven't been helping out that long but I am well aware that the sweat part of sweat equiity does not pay my mortgage. I also realize that farming will not be very profitable for the firtst few years in addition to the downturn in the market with grain prices going down and inputs remaining high. I have some ideas to combat this but with having to "repurchase" the land is the kicker.
As far as equipment, we run a no till operationg so minimal to no tillage equipment, two tractors in decent shape, one better than the other. We need a new planter, Combine is old but is in good shape, does a good job but will need something updated in the next 5 or so years. I'd like to start applying our own fert and chemicals but that takes $
I'd love to hear different options for transitions but don't want to force anyone. Lawyers will be involved but would like to have real life options of people working things out. | |
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Young Farmer
