Family farms - how do you cope?

[glasshouse]

The only answer is for farm subsidies to stop at age70

 

[bobk]

The only answer is for farm subsidies to stop at age70

More shite .

 

[czechmate]

I'd have chucked my old man in the river , it was him or me .

Not just farming.
On the industrial estate where our engineering company is, we had a good friend injection moulding. Lovely guy he was. His son came of age and joined the business. After a few years, the original owner of the company was nearing retirement age when his son attacked him at work and put him in hospital for three weeks. Of course, the son got sent on his way (now a postie) and the chap is now still working rather than managing to retire.

 

[glasshouse]

More shite .

Whats your solution then you polite person?

 

[czechmate]

The only answer is for farm subsidies to stop at age70

No pension and sub here. You need a younger wife you can trust

 

[bobk]

Whats your solution then you polite person?

Solution to what ? farm subsidies or family farms

 

[bobk]

No pension and sub here. You need a younger wife you can trust

Doubt you'll receive a french pension , although it's possible spose

 

[czechmate]

Doubt you'll receive a french pension , although it's possible spose

I doubt it too, well actually I will, if I work until I’m 93

 

[glasshouse]

Fra

No pension and sub here. You need a younger wife you can trust

france stops paying subs at 65?

 

[glasshouse]

Solution to what ? farm subsidies or family farms

Yawn

 

[bobk]

I doubt it too, well actually I will, if I work until I’m 93

Other options are available

 

[bobk]

Fra

france stops paying subs at 65?

Wrong

 

[czechmate]

Fra

france stops paying subs at 65?

I think, if you don’t claim your pension, you can continue to claim the sub. I don’t know for sure as of course, pretty much everyone has someone else to pass the sub to. Ha ha, back to family farming

 

[bobk]

Yawn

What part didn't you understand ? should I draw pictures

 

[glasshouse]

I think, if you don’t claim your pension, you can continue to claim the sub. I don’t know for sure as of course, pretty much everyone has someone else to pass the sub to. Ha ha, back to family farming

So if you draw a pension at 65, you cant then claim subsidy?

 

[bobk]

So if you draw a pension at 65, you cant then claim subsidy?

55

 

[czechmate]

So if you draw a pension at 65, you cant then claim subsidy?

Correct.

 

[glasshouse]

Correct.

I thought that was the case.
That would sort out a lot of shitty situations in the uk, but our state pension is somewhat lower is it not?

 

[capfits]

I have no successor and as such I probably give a wee bit of thought to my exit in a reasonable time.
At present there are 7 partners in the business over three generations. It works fairly well as those of us that are doing the work have defined roles and tasks within it, and it's vertically integrated.
At present generation two is at the age where they are backing it off but still doing stuff like paper chasing, spares runs, pricing and selling. The issues for us are when their health suffers and then there are gaps.
This is where it comes really "interesting" where the the lack of strategic thinking comes to a head. I suspect I am not alone but I sometimes feel the tactical operators appear to win the debates due to immediacy of situations.
My own father knows where I am with the situation going forward and is thankfully supportive, but it does leave me wondering at times whether I am going to be left exposed as other partners sibling and children will need paid out as life moves on.
As it is I have been open with fellow partners by letting them know that I will be drawing capital out of the business over the next few years to set up my own kids as they go to university and start their own homes.
I can only hope that those of you that have trickier situations than myself can have the confidence within your selves to encourage other partners either via you banker or accountants to take a more strategic view on things to see off issues that may arise.
Perhaps we need a middle aged farmers club to share our problems and gain insights and solutions into how to resolve.

 

[chipchap]

Don’t farm with siblings, and definitely not with cousins or in-laws.
It will end in tears, sooner or later.