West of Mpls MN about 50 miles on Hwy 12 | Yes it is. Been there done that, but now I'm on the other side of the decision you're trying to make. I'm trying to decide if I should let some rented land go.
We had an opportunity to expand our non farm business last summer, we took the opportunity. We more than doubled the size of our non farm business, and all the headaches, and time required to run the business.
So we're thinking of letting several hundred acres of rented land go we've farmed for ten years or more in order to make time for managing the new business which is currently more profitable than the farm...subject to change of course.
If I let the land go, or even farm it on some sort of share agreement with my nephew it will be the first time we personally have farmed less than 1,000 acres since the 90's when dad retired financially.
Can we make it on a lesser amount of acres? The rented ground is barely breaking even, probably losing real money if we want to be honest about it and figure everything...But what if the non farm business slows down? What if soybeans go to $15.00/bushel and corn goes to $7.50!?
My "good" combine is on it's 14th season, my "big" tractor it's 15th, my planter is on it's 19th and needs all new openers again. If I cut back on acres my old junk should make it(with a little love and money thrown at it)until I retire in ten years. If I keep farming the same amount of ground or more I will have to spend a small fortune on a some new machines.
I can handle doing both, I've done more in the past...but then I'm not as young and as ambitious as I used to be.
I told my nephew to put his money, and management skills where his mouth is and lets see if we can figure something out before I let the land go. My machines, his money, some kind of labor agreement, he buys some of my machines, some type of share agreement? The landlords and myself are open to look at any arrangement he dreams up.
Big, life altering decisions to make. For better or worse.
Edited by CMN 2/10/2017 11:43
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What to do. Big jump
