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Father son working relationship advice
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jdironman
Posted 6/4/2019 07:23 (#7540365 - in reply to #7540211)
Subject: RE: Father son working relationship advice


Nw Iowa
You hit nail on the head. Can’t have it two ways. If you want to be in control till you die, you will die alone. Too many 70 yr old Dads trying to make all the decisions. If you don’t have faith in your kids when their young how are you going to have any faith in a 50 yr old that never made a decision. I had a dad that let me make decisions when I was younger and am doing same for our younger generation. If they make a bad decision you can help correct it and everybody learns. If they keep on making very bad decisions you know what it is going to look like after you die but you have options while you are still alive.
Other big mistake I see is son or daughter comes home to farm, dad tries to over compensate . Dad pays way more of his share of expenses while son or daughter take their “ profits” out to buy cars, pickups or toys. Isn’t really teaching son or daughter anything but entitlement. Creates a life long problem. Some of most successful people I know started out very poor. I am not saying to start your children out at poverty level but let them see what is working or not working financially. If they want to buy a piece of equipment have them show a plan how that is going to pay for itself. Try get to a good banker that will work with them and teach them. Get them into a farm business accounting program. Here in Mn we have adult farm management program thru the state which has been very good for our area. Have to do cash flows and yr end balance sheets. I am almost 60 and it still helps me keep my perspective on purchasing new assets.
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