Posted 5/23/2020 07:38 (#8274745 - in reply to #8274706) Subject: RE: This ^ ^ ^
central - east central Minnesota -
Papa Gene - 5/23/2020 07:21 Whatever the two of you decide is fair...I would write down the basic terms of the agreement on a simple sheet of paper at least to start out. When I started out with my dad it wasn't always clear. He's gone now and he gave me the best opportunity I've ever been given in my life. But sometimes what he said at the beginning of the year didn't match what he said later in the year. Or maybe I misunderstood him. Poor communication can cause hard feelings between people even with the best of intentions.
Yup, write it down - regardless if you give him a break or not. If money exchanges hands, then you should pay money for the building rent and he should pay money for machinery rent . . . . don't just deduct it, if you really want to see what it costs and money in and out . . . . . .
Regardless, write it out so both parties see and agree . . . ..