Posted 2/9/2019 14:46 (#7309224 - in reply to #7307570) Subject: RE: How is the young guys suppose to carry on?
Your sure leaving out a lot of details about the operation and history. Looks like your Zio code is in Wisconsin. It is a big dairy area but since no stock is mentioned they must have quit milking. Maybe they never did . May be the son provided labor that the dad should have been doing himself. A 600 acre grain farm is a cushy existence. In a lot of cases the son that stays home and farms is the least ambitious of the kids. Assuming that one of this true then the son should use the $5.8 million as a starting point and start negotiating. What can it hurt. Maybe he can make payments to his dad on the land and equipment.Dad's going to have to pay a lot of income tax on a lump sum deal. Maybe if the dad can see away to get a decent income he will change his position. It could just as easily be the case that there is so much debt that Dad has to have top dollar. just to pay his debts and be able to retire. If that is the case then it is better that the son found this out at 40 and not 65.
I am almost the dads age. When I was 40 I had my own operation with land I also had a lot of debt.In a few years I should be at or better than the dads net worth in your story. Maybe it will work out for you cousin.