Hay Farmers getting out of farming

[Fuddy1952]

We get our quality horse hay from a 5th generation farmer about 8 miles away. He just had another $100K steel shed built. He sold out of 30,000 bales weeks ago but keeps some for us.
I have tractor and equipment, nothing for hay. I thought about a square baler and rake but to me it's not worth the expense.
This fellow we buy from I'd hate to guess what he has in equipment, a few $Mil I'm sure. His farms are in prime locations and those are worth a fortune. He switched from the dairy business to hay, more profitable he says. Me, I'd think about selling out but apparently he enjoys doing what he does and I'm grateful.
Yes everything has inflated for him, bales are large ones, $8 to $10 depending on alfalfa, orchard grass, etc.
I'm going to get a load this afternoon.

 

[Hay Dude]

Just like any other company or business, farming success or profitability can depend on the shoulders on which you stand on. I could easily see someone inheriting a farming business, built by predecessors, with the land purchased when land was cheap, credit established ahead of time with banks, buildings already built, equipment paid off and the like. That would make for a pleasant, profitable ride for an inheritor through their farming career, even if only managed correctly.
I started my business and I will also close it. I have kids and I am not interested in starting any type of resentment as to “who gets what” when its time to hang it up, *unless* the most careful of arrangements are made. My father did the same thing. He owned a successful business and would not leave it to any one of us kids knowing it would bring life-long resentment.
I asked, he immediately said “no”. He was right. He died a happy man and I get along great with my brothers and sisters.
I have seen where parents gave a business to one child and left the other out, creating a chilly relationship between siblings, long after the parents were out of the picture. That metastasizes into grandchildren not liking each other.

 

[Snobdds]

Damn that is a dumb outlook...

 

[MossRoad]

Well, you may be the lucky ones who get to choose which side of the bed you get up from. The majority of folks are dealt lousy cards they have to play with. If people have choices, very few will be driving tractors working 24/7 and praying for a good harvest in return for their backbreaking efforts. We are not living in Paradise, Chris. You are the lucky few who are spared a kick to the gut by life.

I'd guess the majority of folks in the U.S. are dealt a decent hand, as the poverty level is currently under 14%.

 

[Hay Dude]

I'd guess the majority of folks in the U.S. are dealt a decent hand, as the poverty level is currently under 14%.

Sad thing is, it could be much lower.

 

[Snobdds]

If a person's business is equipment and a client list...the IRS considerers selling those things as income. Income tax is higher than investment income.

Put it in a living trust...

 

[MossRoad]

Sad thing is, it could be much lower.

That's gonna be hard to do.



U.S. Census Income and Poverty in the United States: 2019

https://www.census.gov/content/dam/Census/library/publications/2020/demo/p60-270.pdf

 

[Steppenwolfe]

You try being stuck at home with the injuries I had. You get bored. I couldn’t walk for almost a week. Of course I’m sure you’ll get a kick out of that.

Not at all. Didn't know you were injured. I hope you are well soon. I draw the line at kicking a man when he is down...

 

[Steppenwolfe]

I find it unbelievable that so many need to respond to a troll who thinks he's the only real farmer on TBN and a city boy who has a million opinions about things he knows nothing about.

 

[Hay Dude]

Not at all. Didn't know you were injured. I hope you are well soon. I draw the line at kicking a man when he is down...

No worries, I could take it and still kick your ass.
But thanks, Ill be 100% soon. Surgery wont be bad they say