Posted 5/23/2020 17:50 (#8275722 - in reply to #8274928) Subject: RE: Son statrting farming
South Central MN
This is how we do it too. Dad gives me a discount on the Iowa published custom rates, but still charges me. He then pays me an hourly wage to run the equipment. He ends up paying me to run his equipment on my land while I pay him for the custom work. I really recommend at least quarterly settlements, otherwise it gets tough at the end of the year to remember everything. It has worked well so far. I don't feel like I'm getting taken advantage of on the labor side because I'm receiving a fixed hourly wage, and dad receives income to pay off any repairs and wear that my fields incur on his equipment.