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Farm Business
Agricultural Matters
Planning for retirement of partners in the partnership
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<blockquote data-quote="Spud" data-source="post: 3583070" data-attributes="member: 78"><p>I'm with you re trying to avoid big shocks down the line. Far better to have a bit of financial 'tweak' to deal with in your 30's and 40's than 50's and 60's (essentially while you have 20+ years in front of you to soften the pain.</p><p></p><p>Do you have a profit share set at a sensible level? Its one way to grow your share of the business (ie for your efforts to reward you rather than your siblings quite so much) which reduces the amount you need to find down the line. If your parents live to a big age, it'd be normal to lower their profit share (and raise yours) as they become less able to do the physical work, and you take more responsibility. The longer this continues, proportionately at least, your part of the business increases at a greater rate than theirs.</p><p>Tax does need careful consideration.</p></blockquote><p></p>
[QUOTE="Spud, post: 3583070, member: 78"] I'm with you re trying to avoid big shocks down the line. Far better to have a bit of financial 'tweak' to deal with in your 30's and 40's than 50's and 60's (essentially while you have 20+ years in front of you to soften the pain. Do you have a profit share set at a sensible level? Its one way to grow your share of the business (ie for your efforts to reward you rather than your siblings quite so much) which reduces the amount you need to find down the line. If your parents live to a big age, it'd be normal to lower their profit share (and raise yours) as they become less able to do the physical work, and you take more responsibility. The longer this continues, proportionately at least, your part of the business increases at a greater rate than theirs. Tax does need careful consideration. [/QUOTE]
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Planning for retirement of partners in the partnership
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