Northern Illinois | Boone & Crockett - 3/12/2019 11:53
Make a stipulation that if they sell, ( buy-sell agreement) must offer to an existing member first at a discounted value.
I see this line of thinking a lot on this site. I do not understand nor agree with the stipulation that if one child wants to sell it must be at a discounted value.
1. In this case that minority interest that is sold to a sibling would become a majority interest to whoever buys it.
2. Not in this case because the children would not be farming but some state that land sold or rented out by a sibling would be at a discount. So parents in that case would be saying that their children would receive less for their land when sold or rented vs what the farm would buy land or rent land for from a complete stranger. I don't understand that. |