Verified FBN Member (MO)

Machinery

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.

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Verified FBN Member (MN)

It’s about generation growth. Not what I did!

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Verified FBN Member (OH)

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...

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Verified FBN Member (MI)

When I started farming i purchased everything from my father at full market value. Brother and sister weren't interested in farming. We have...

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Verified FBN Member (OH)

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...

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Verified FBN Member (OR)

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 ...

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Verified FBN Member (OH)

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...

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Verified FBN Member (TX)

Thank u *****!!!!

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Verified FBN Member (KS)

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 ...

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Verified FBN Member (ND)

Amen Thanks for sharing


Verified FBN Member (MN)

Unfortunately, very common. I had the pleasure to sit in a seminar for a day with https://wittmanconsulting.com/. I would highly recommend f...

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Verified FBN Member (FL)

I understand all to well


Verified FBN Member (NC)

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...

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Verified FBN Member (WI)

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 ...

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Verified FBN Member (CO)

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...

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Verified FBN Member (NE)

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...

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Verified FBN Member (ND)

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.


Verified FBN Member (ND)

(edited)

Here's the right ones. Too many numbers


Verified FBN Member

(edited)

Response deleted by author
Verified FBN Member (ND)

(edited)

that looks like a policy on you not your parents


Verified FBN Member (ND)

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...

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Verified FBN Member (ND)

(edited)

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 ...

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Verified FBN Member (MN)

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...

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Verified FBN Member (ND)

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...

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Verified FBN Member (ND)

(edited)

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'...

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Verified FBN Member (IN)

(edited)

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...

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Verified FBN Member (NE)

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...

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Verified FBN Member (NE)

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...

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Verified FBN Member (SD)

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 ...

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Verified FBN Member (ND)

(edited)

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...

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Verified FBN Member (OH)

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 ...

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Verified FBN Member (AL)

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...

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Verified FBN Member (SD)

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...

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Verified FBN Member (IL)

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...

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Verified FBN Member (NE)

Run everything under LLC rental corporation so you only pay for acres equipment run on your ground hopefully you can collect wages from time...

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Verified FBN Member (ND)

(edited)

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...

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Verified FBN Member (MN)

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.


Verified FBN Member (MN)

(edited)

Current situation: Not purchasing a farm because father and father in-law have 10+ years left, and grandparents farm that would be ideal is ...

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Verified FBN Member (MT)

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...

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Verified FBN Member (TX)

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...

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Verified FBN Member (IL)

**************, ************, or ***************** are all good resources

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Verified FBN Member (AB, CAN)

***** is private now but has so much experience and is always current on tax implications.

Verified FBN Member (SK, CAN)

In Canada ***** Good is also very good. He lives in Alberta.


Verified FBN Member (CO)

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...

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Verified FBN Member (CO)

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...

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Verified FBN Member (MN)

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...

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Verified FBN Member (NE)

(edited)

Unfortunately as rewarding or gratifying farming can be, it is an industry that is rife with people who struggle with communication, mental ...

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Verified FBN Member (NE)

Thanks for sharing ****!!


Verified FBN Member (MN)

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...

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Verified FBN Member (SK, CAN)

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...

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Verified FBN Member (SK, CAN)

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 ...

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Verified FBN Member (PA)

Amen to becoming your father


Verified FBN Member (MN)

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...

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Verified FBN Member (IL)

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 ...

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Verified FBN Member (WY)

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...

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Verified FBN Member (ND)

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.

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Verified FBN Member (MN)

Do it *******! Good Luck!

Verified FBN Member (ND)

Send a resume ***************

Verified FBN Member (MN)

I have three kids what’s your phone number


Verified FBN Member (SD)

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...

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Verified FBN Member (OK)

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...

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Verified FBN Member (AB, CAN)

Look for a consultant and research. There’s lots of guides out there. It’s partially about estate planning and protecting everyone. My ...

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Verified FBN Member (CA)

I’m a small business consultant and I specialize in family farm transition.

This is outstanding advice. Find someone local who can help you...

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Verified FBN Member (SD)

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...

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Verified FBN Member (MN)

Very true. "You’ve never been screwed over till you’ve been screwed over by family

Verified FBN Member (AR)

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...

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Verified FBN Member (KS)

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...

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Verified FBN Member (MN)

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...

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Verified FBN Member (IL)

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...

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Verified FBN Member (SD)

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...

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Verified FBN Member (ND)

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 ...

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Verified FBN Member (MN)

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...

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Verified FBN Member (SD)

(edited)

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...

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Verified FBN Member (MN)

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...

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Verified FBN Member (MN)

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...

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Verified FBN Member (MN)

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...

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Verified FBN Member (IL)

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...

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Verified FBN Member (SK, CAN)

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...

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Verified FBN Member (MB, CAN)

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...

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Verified FBN Member

Response deleted by author

Verified FBN Member (AB, CAN)

Hopefully you can find someone to look at your case and convince your dad to listen. Good luck.

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