West Central IL | Sounds sort of setup like our situation. Dad and two brothers, only difference is, they all three have 1 boy and we are the 3 employees. Us three boys also have our own ground that we purchased together and some we rent. The dad's are in their 60's. They are now planning on succession stuff after the big blow up that happened when their dad and brothers kids had a falling out after the one brother died. They have easily agreed on who is getting what ground, and are offsetting the values with cash. They are going to continue to farm together, all equipment and such is going into a corporation. Will no more how it comes together as they get it all set up as they go through the year. Supposed to make it easier to pass on when they want out as they get older. I would think it would be a good idea if you could possibly get them to talk about the future, as if one of you wanted to step away, what happens next? You need a plan for all three of you, as something could happen to any one of you at any time. |