Posted 1/11/2019 11:17 (#7237357 - in reply to #7237299) Subject: RE: When did you decide to pass the farm down?
Blackfarmer2, With all due respect, I don’t really agree with your mentality and let me explain why. I'm 45 right now and my dad started letting me make my own decisions and farming a lot on my own in my mid 20's. He primarily serves as my hired hand nowadays and is completely ok with that. I'm thankful for that because now my son who is 16 will have the opportunity to start farming when he graduates high school. If my dad would have been selfish (sorry to sound vulgar) like my neighbor is with his boys, there's no way my son would have had the opportunity to come back to the farm immediately following high school. By starting young and profiting good money from an early age, I've been blessed to build quite a bit of equity up in my own name which will allow me to retire early and comfortably and I can be my son's hired hand in 10 years so the cycle can hopefully continue for his children. My neighbors sons are my age and my friends and I feel bad for them. They don't own much of anything in their own names and have 2 sisters that will inherit an equal share of what they've helped their dad obtain over the years. This neighbor of mine doesn't really seem to understand that you should always farm with the next generations in mind. His father did it for him, but he won't do it for his own kids. I just don't get it.
It's one thing if a farmer in his 70's farms 300 acres total and needs to farm to survive and pay the land off. But if you're in your 70's and farm a few thousand acres (neighbor) with children interested, you have no idea how much you're hurting the longevity odds of your farm.
Farming is a business and maximizing your profitability should always be an extremely important variable to consider.