Posted 1/11/2019 15:21 (#7237874 - in reply to #7237189) Subject: RE: When did you decide to pass the farm down?
south central WI
When we joined the farm out of college we were put right into the action. We had to buy our own cattle and help pay for any machinery as it was upgraded. If I owned 10% of the cattle, I paid for 10% of the machinery and all farm expenses. We all decided on machinery and buildings etc. We also built all of our own buildings, from excavating to concrete to the actual building down to the wiring. I've fallen off so many roofs it's not funny. I was thinking about this earlier this year. I still consider myself the kid/newbie at the farm. I'm 42, been out of college and full time for over 2 decades, my oldest is 24, and my dad only shows up when he wants to or we call him. He pretty much quietly handed over the reins a decade or 2 ago. He still gives his opinions and they are valued, he just doesn't have to mess with the nitty gritty anymore if he doesnt want to. That's really the way an operation should be handed over.
My kids are undecided. That's their call. If they come back they will be brought in the same way. Once they are able to handle it, I'm gone! Lol They can buy my shares and I will be an employee. That's my plans right now.
On a side note, I farm w 5 other family members. We have it fairly well worked out how to handle retirements and buy in by the next generation. We wanted something figured out before we got to the point of needing it. Buy in might be thought of differently if it was my kid or my cousins. Most kids are young enough that it's too early to tell who might farm.