Posted by Erik Ks farmer on January 16, 2013 at 18:33:59 from (199.241.240.16):
In Reply to: farming question posted by circleg on January 16, 2013 at 17:29:20:
I just recently got out of a partnership which began much as you describe, only I was on other end. A lot of this depends on circumstance, I'm going to assume that you are older and a younger person is interested in farming with you. The first thing you must consider is your end result, where do you see the partnership going and are you willing to commit yourself to such an arrangement? Once you begin you must maintain your commitment, you must think of your partners livelihood in addition to your own. Where will they be if and when you decide to retire. If you are not willing to work with them in a transition allowing them to take over the operation down the road the you may as well give up the idea of a partnership now and hire them as labor only. That said I have heard of an arrangement where a man and his grandson farm together. The man has 1/3 of liabilities and profits, grandson has 1/3 of liabilities and profits and equipment has 1/3 of liabilities and profits. The equipment is considered the 3rd partner and is managed by mutual agreement. Obviously this only worked because the man was willing to split his equipment and it's equity at the onset of the partnership.
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