What steps need/should to be taken to take over the family farm?
Got into an arguement with my dad last night. Wont go into details because it would take to long to explain. My brother and I farm 800 acre and my father farms 2350. Every time these arguments happen he threatens to sell out.I love what I do but I'm starting to wonder if I made a poor career choice.
It’s about generation growth. Not what I did!
Exactly… it’s a shame that some parents let their pride get in the way… congrats on doing it right.. as a 6th generation farmer my dad was t...More
When I started farming i purchased everything from my father at full market value. Brother and sister weren't interested in farming. We have...More
You my friend did it right! My kids know that if they don’t want to farm it’s fine but if one or more does they’ll probably be left the farm...More
Sometimes it’s hard to realize that “Dad” probably didn’t have everything “handed” to him. We are in a similar position. Son/wife’s stepson ...More
Or sometimes the younger generation gave money to the parents to keep them a float and just wants paid back what is owed… I have let my pare...More
Thank u *****!!!!
I would encourage all of you who struggle with family treating you unfair to read the story of ***** and his father-in-law ***** in Genesis ...More
Amen Thanks for sharing
Unfortunately, very common. I had the pleasure to sit in a seminar for a day with https://wittmanconsulting.com/. I would highly recommend f...More
I understand all to well
My two cents worth is this. I have bought and sold properties like this in several situations, usually what I find is the "heirs" are gree...More
Keep in mind you taking over the family farm is a form of selling out for him. There are so many things that come into actually making such ...More
The operating conditions now are MUCH different than 20 years ago…I started 45 years ago, and it’s fair to state that young people need more...More
When I joined the farm I went out rented my own acres started using dad’s equipment in trade for labor. We both wanted the best fir each ot...More
Nothing to be ashamed of. My dad gave me a chance to farm. I hope I can give my son a chance to farm. A legacy is what we seek to leave.
Here's the right ones. Too many numbers
Response deleted by author
that looks like a policy on you not your parents
It is a whole life insurance policy. So the longer my parents live the longer I pay. I can't remember but I believe when my mom is 93( I thi...More
I can but I would get a quote on term. if can't get you one I can have **** run you one. also with whole life it has to be setup correctly ...More
How many years for the life insurance term? How much to keep on extending it? Is a yearly extension or multi year? 1.7M after your yearly pr...More
My parents set up a trust for us four kids. 1000 acres split up. I would get 400 and the other 3 would have 200 each.
I am working with so...More
I would get a second opinion on the life insurance. I sold life insurance back in college and they push the whole life policy s because it'...More
As one of many many nieces and nephews of an Aunt and Uncle without children, I was deeded the 500ac farm that has been in the family for 20...More
You all have great ideas as I went through the same thing in the late 1960's. There was not enough ground for all of us to farm. I like the...More
Better form equip LLC in place first so LLC owns all farm equipment. Trading labor for use of farm equipment will only go so far if a major...More
If you feel like you’re doing more work for the farm then you’re being compensated for then you need to leverage your current position. For ...More
You need a third party that not only specializes in transition planning but can also help with the psychological side of it. I farm with my...More
Reading all this makes me feel a lot better... I worked on the farm since I could walk never to be paid a penny just told that one day it’d ...More
Myself, pawpaw, and dad all farm together. I know the feeling and the pains of arguments with family over what you all love to do. I would t...More
Both sides need to leave anger out of conversation and try to look at things from both sides and talk it through, without communication ever...More
Talk with a succession planner. There are many, they can be expensive, but they can help walk your family through this trying time. It wil...More
Run everything under LLC rental corporation so you only pay for acres equipment run on your ground hopefully you can collect wages from time...More
If you don't think it's worth 2x the money let it go to auction and buy it there. Just lost 500 acres for the same reason. Family fight. I...More
That is about where we are at, I'm sorry to hear that. I would agree, its only going up and this interest rate is getting very enticing.
Current situation: Not purchasing a farm because father and father in-law have 10+ years left, and grandparents farm that would be ideal is ...More
I would encourage you to stop in to your local county Extension Office (being a county agent myself, and farming with my dad working through...More
I love **********’s advice on this subject. I just wish all farmers could or would read his book, “Dirt to Soil”. I think it would put thing...More
**************, ************, or ***************** are all good resources
***** is private now but has so much experience and is always current on tax implications.
In Canada ***** Good is also very good. He lives in Alberta.
I have been thru every kind of hell there is on this subject so I can pass along what I have learned. First, don't forget your fighting to g...More
This doesn’t help people on the outside of these decisions, but two things have been important to us. Tomorrow may be too late to set a tra...More
Some of these situations sounds like a walk in the park compared to mine but I am definitely bias. Regardless, it's a true struggle for each...More
Unfortunately as rewarding or gratifying farming can be, it is an industry that is rife with people who struggle with communication, mental ...More
Thanks for sharing ****!!
When you talk your son into buying 1/3 of two $60,000 bins and 1/3 of a $35,000 drier then force your son into signing a note for a third bi...More
That's rather extreme, but it can happen. Reminds me of a couple of farmers I knew. One was just plain miserable and untrusting towards ever...More
If he's your biological dad, do yourself a favor and give him some respect, even if he doesn't deserve it. Someday you'll see you're a copy ...More
Amen to becoming your father
In my situation my father and brother forced me to quit farming with them, forced my brother in law to quit farming with my brother and fina...More
Farmed with my father in the 90's and I can certainly relate to your story. I made the decision to leave the farm as I feared being the 40 ...More
I am currently 54 years old and until 5 years ago farmed in a partnership with my father. Now my son farms with me. The father and son relat...More
I'm looking for a partner so if you want to make a clean break come on over. I have no children to turn it over too.
Do it *******! Good Luck!
Send a resume ***************
I have three kids what’s your phone number
You should know you are in good company. Farmers who have been farming for 20 years or more have a perspective that is drastically differen...More
Exact same situation here. To the point I had to seek professional counselling services. Finally, I had to get my mind to a place where I co...More
Look for a consultant and research. There’s lots of guides out there. It’s partially about estate planning and protecting everyone. My ...More
I’m a small business consultant and I specialize in family farm transition.
This is outstanding advice. Find someone local who can help you...More
I’m the only son 3 sisters they have been away since high school. After 30 years of hearing this will all be yours some day I finally got m...More
Very true. "You’ve never been screwed over till you’ve been screwed over by family “
Same here. My Dad has passed but my Uncle still owns 50%. When he passes, step siblings and/or 2nd wife comes into play. That is why my wife...More
My oldest brother spent 40 years working on the farm and when my dad turned 80 he expected to take everything over. My dad was not yet ready...More
I am in the same situation, the only answer I have come up with is patience and don’t put my kids in the same spot. That generation is stubb...More
I think you nailed it Justin! It takes so long to build up equity in farming that when you finally get ahead of the curve, it’s time to reti...More
At least I am not the only one. I tell him to do it then and I will see him at the auction. I have no good advice for you because we have no...More
Also cut off his contact with his grand children. Defend your wife is going to get bumpy. Grand ma will usually smack him into line when ...More
Parents went through a divorce when I was in my late 20s. She bankrupt our farm. If we didnt have 13 soybeans and 8 dollar corn and my dad t...More
Find someone who specializes in guiding families through succession planning if you can get your father to go along with it. Then if you ca...More
I was in the same position as you. I finally were tired of doing all the work while he collected big checks late into his 70’s. I split wi...More
I would tell you to sit down and hear everyone's view point and plan for the farm future...
What's your mom want?
Does dad really want to s...More
What if his father refuses to give up control and us only interested in free labor to keep his bank account full. Believe me when I say a p...More
Definetly agree. This is the foundation of a succession plan. How long does dad want to keep working? What is you and your brothers goals...More
Very similar situation for myself and my brother. I finally told him to do it. Sell out. I'll buy what I need and you take your money and ru...More
We hit the same crossroads as you. Finally told him to sell and I’ll farm on my own. Like you it didn’t fix everything but it was the tippin...More
Response deleted by author
Hopefully you can find someone to look at your case and convince your dad to listen. Good luck.