Re: Farmland

Posted by Bill in NC on December 12, 2005 at 12:00:08 from (24.172.3.146):

In Reply to: Re: Farmland posted by AA on December 12, 2005 at 11:10:57:

AA, thanks for sharing that information. So what you are saying
is: two cousins living on property and you and your brother/
sister live elsewhere. You have been the administrator/business
manager for the property. You also mention that everyone come
to you for decisions. It sounds like you already have a good
relationship with everyone involved. It sounds like you have four
folks good to go and just need a plan for buying out the other
two. It also sounds like the four of you don't want to either pull
cash out of the pocket or go into debt to do the buy out.
Questions: Does the property turn a worthwhile positive cash
flow? Does the property have timber that can be harvested? Is
the property located in the path of progress (i.e. near a city so
that it will have future sell out value for a sub-division or other
commercial development)? If it has harvestable timber, you may
be able to pay a significant part of the buy-out price. If it has
appreciable cash flow or in the path of progress, maybe y'all
incorporate the farm and the six of you hold on for a bigger
reward down the road. Maybe you incorporate anyway and have
the corporation buy out the two cousins at some point in the
future. Just some thoughts to consider.
Bill

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