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North Central Indiana | I’m not exactly sure where you were going with this but my dad and uncle could’ve told me they weren’t planning on the business continuing on to me and sold out or sold all the equipment and facilities and lived on the rent very comfortably. Of course their dad could’ve done the same, and his dad, and his dad. Someone would be farming it even if the family had sold out, I guarantee that. So it’s almost inevitable in my opinion that if the farm has any size and stability with a competent and hungry child coming along that they might as well be the successor inherit the business. I know that isn’t everyone’s opinion though.
When I started out I worked with an older neighbor, not a huge farm but he lived well on it. He didn’t have any kids involved and the thought process was I could eventually buy him out for my family. Almost 4 years in he and his wife sat me down and said they had a son ready to come back home and give farming a go with his dad. The son was mid 30s at the time. After the initial shock I looked them in the eyes and said “it’s okay, if he’s interested that’s how it should be.” Incredibly grateful for the experience with them and still friends with them, but it definitely required me to adjust course. It worked out good on my side too as my family was ready for me full time and experiencing growth. I pray that my kids are serious about continuing in our footsteps someday | |
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Beating the dead horse. Farm wealth......money vs physical assets.
