Should I take over the family farm? Please advise
- Thread starter svenlylethor
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Western
Super Member
:thumbsup: Plus may have some write-off advantages
MarkV
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I don't know Utah farming, I do know a bit about Ill. farming though. Most of the farms in my old home area are working 1000 + acres these days. Can an 80 acre farm support you, your parents and possibly a family of your own someday in a way everyone would be comfortable with?
MarkV
MarkV
RockyMtn.Hillbilly
Member
Sven, why not do both? You can live there on the farm, help out when you can, and once every couple months go travel around for a few weeks.
Spend time with family every chance you get. Many of us wish we could go back and spend time with our loved ones before they passed away. I really don't know my dad, but my grandfather has always been something special to me, yet I still lived a long ways off. He passed away a few years ago and it really hurts that I didn't get to know him better and spend time with him. Avoid that if you can.
Who's more important? Your dad or your friends? You can manage both, if you want.
Spend time with family every chance you get. Many of us wish we could go back and spend time with our loved ones before they passed away. I really don't know my dad, but my grandfather has always been something special to me, yet I still lived a long ways off. He passed away a few years ago and it really hurts that I didn't get to know him better and spend time with him. Avoid that if you can.
Who's more important? Your dad or your friends? You can manage both, if you want.
dmccarty
Super Star Member
Do you like, just stand or hate your current job/career?
Is your current job/career secure or shaky?
Can YOU make a living on the small family farm?
If the city is growing and planting houses on farm land, will you be able to grow the farm either by buying new acreage or renting?
Have you done a business plan on how you expect to make money on the family farm? The trend in farming seems to be for the farms to grow to giant size with medium size farms going away. Smaller farms are popping up with very specific markets like goat cheese making, CSA, farm tourism/U Pick Its, etc.
Will working the family farm be more or less stressful than your current job/career?
You said you don't really want to live in UT. Will the positives of moving back to the farm out weigh living in UT? Will you eventually regret moving back to UT?
What do YOU really want to DO with YOUR life? Think long and hard about that question.
The positives I see is that you want to farm and that your parents are going to need help.
It sounds like you are at a cross road in life with this decision. Take time to think it through very carefully. Whatever you do decide, do not ever second guess the decision. When you make the decision, make sure that you are as confident with the decision as best you can be, move forward and don't look back.
Later,
Dan
Is your current job/career secure or shaky?
Can YOU make a living on the small family farm?
If the city is growing and planting houses on farm land, will you be able to grow the farm either by buying new acreage or renting?
Have you done a business plan on how you expect to make money on the family farm? The trend in farming seems to be for the farms to grow to giant size with medium size farms going away. Smaller farms are popping up with very specific markets like goat cheese making, CSA, farm tourism/U Pick Its, etc.
Will working the family farm be more or less stressful than your current job/career?
You said you don't really want to live in UT. Will the positives of moving back to the farm out weigh living in UT? Will you eventually regret moving back to UT?
What do YOU really want to DO with YOUR life? Think long and hard about that question.
The positives I see is that you want to farm and that your parents are going to need help.
It sounds like you are at a cross road in life with this decision. Take time to think it through very carefully. Whatever you do decide, do not ever second guess the decision. When you make the decision, make sure that you are as confident with the decision as best you can be, move forward and don't look back.
Later,
Dan
forgeblast
Elite Member
Tough choice, pro con list is a must. Can you buy the farm, let them live there and later on if you want move back?
I needed a few years away from where I grew up before I wanted to go back home. I am much happier returning on my terms, instead of feeling stuck or have never gotten out.
Business wise run the numbers, if its something you want to try/do go for it.
I needed a few years away from where I grew up before I wanted to go back home. I am much happier returning on my terms, instead of feeling stuck or have never gotten out.
Business wise run the numbers, if its something you want to try/do go for it.
MossRoad
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As they say, "God isn't making any more land."
Once its gone, its gone. 60 acres isn't very large. I don't know what the taxes are, but usually leasing it out pays the taxes. So you shouldn't have to worry about that and it will be there when you retire.
As for your concerns for your parents, well, that's between you and them. Do you want to be with them because you enjoy being there or do you want to be there because you feel its your duty as a son or is it some combination of both? Only you can decide what's right for you and them.
Once its gone, its gone. 60 acres isn't very large. I don't know what the taxes are, but usually leasing it out pays the taxes. So you shouldn't have to worry about that and it will be there when you retire.
As for your concerns for your parents, well, that's between you and them. Do you want to be with them because you enjoy being there or do you want to be there because you feel its your duty as a son or is it some combination of both? Only you can decide what's right for you and them.
OP
svenlylethor
Bronze Member
I'm still trying to figure how much I'd make on 80 acres. I look at selling alfalfa and I've done number crunching based on our costs to raise hay and since the land and equipment are all paid for, I don't have any payments to make and my profit margins are much higher. Now are my numbers right for the costs? Still deciding. I'd have to talk to a few farmers around the area to see how many tons of alfalfa they get per acre and figure out the costs more. I ask my dad about numbers but I think his estimations aren't right. I'd need to know exactly how much he's spent on gasoline, repairs, irrigation, spray, etc.
This won't be my main source of income. I would have a corporate-type job and then have the farm on the side. 80 acres of alfalfa with our equipment isn't very hard work in my eyes. I don't consider it work either. I think it's fun.
My parents sold land into the millions so I don't have to worry about them. My dad goes to the farm every day because that's all he's ever wanted. He could lose all his crops every year and he'd still do it just because it's literally the only thing he likes to do. That's also part of his problem. He's let the farm go to crap, his fields don't look very good, and he doesn't take care of his machines as good as he should. I've always been much more detail oriented on the farm... Always looking at ways to improve... Finding ways to make it easier to run the operation. Etc.
OP
svenlylethor
Bronze Member
Very good point. I'd love to have a job that lets me travel here and there. With my dad there, he'd be able to help out on the farm as well so I wouldn't be alone. He does have a farm hand or two who help on the side but they never seem to do that good of a job. I'm much better at running the farm. My dad knows he can trust me on the farm, part of that was because when he would get sick, I'd take over the farm for 6+ months and the farm was much better after I was done taking over.
