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| Not the fil but since he is not represented I will throw some possible thought out here from an older perspective. He gets $1800 a month a house and gets to keep his calves. Why doesn't he keep his heifers back for cows and expand if he wants to farm? He has a sweat heart deal! ( I can remember when $1800 a month was money). It isn't now but he doesn't know that.
SIL has no money invested so it is only SIL labor that would go toward equity. Payment from labor takes a long time to add up to much. Hard to explain to the siblings if he appears to help to much.
He may be waiting for you to be sure you want this. ( 5 years goes by quicker than us older folks realize)
He may have no idea how to go about this and be "fair" to the siblings.
He may be concerned about getting you stared in his business and then you and his daughter split up. How do you have and ex son in law as a business partner
He may also consider the experience and education you are getting has a lot of value. ( You may not agree but I am sure one way or the other it will)
He may feel you are looking to be "given" a start.
He may be making payment on things himself and there may not be enough cash to pay a big wage. If the property is mortgaged it is hard to sell a small part.
Of course he may sit down with you tomorrow and sign over part of it.
These are just hypotheticals off the top of my head. I am sure there could be many more thoughts.
If you just maintain status quo I would bet 80 acres when your FIL dies the farm will be split 3 ways and the sibling will think they got cheated as the farm supported you your whole life. Believe me. I have heard the statement made about a man who never drew a wage,never got a car to drive other than for farm business or even got to date because he had no money of his own. And to top it off the father was not much of a worker. The kid did it all for 30 years.
You need to do as other said get it in writing.
Put a value on everything from your compensation to the purchase price of the business. You make x amount weekly or hourly. A certain percent to be retained as payment for purchase of the farm would be a good way to start.
That way the second year you would have a wage, buy a little more of the farm and then income from your share of the farm would allow for a little larger portion of the farm to be paid for the second year.
That is just one thought on how to do it.
You need to talk to him for sure. He may dislike the current situation as much as you.
It is possible you might both be happier with you working in town and helping when you can for a wage. | |
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falling out of love with farming
