HomeMy WebLinkAboutThe Lucknow Sentinel, 1997-03-19, Page 61Passing the family farm
down - very complicated
by Tracey Doerr
the family faunPassing
down to the,. next genera—
tion
tion is probably one of the
most difficult business deals a
family can encounter.
"This is. anextremely, com-
plicated process. One that pulls
on every heart string," said Bob
Humphries,Huron County
Agriculture and
R u' r a 1
Representative for.
01vIAFRA.
"In my 20 years
here,.I''ve seen
some. real creative,
things happen and
I've seen some sit-
uations where it
just didn't come
together."
The • reason for
the difficulty Humphries said,
is' because there can be personal
•'iratitifications if -the process is
nothandled properly.
Having open :communication
lines is• the ,best way to avoid:
family complications
Humphries acts ,as a consul=
Cant for .families who are ready
to pass the farm. <clown to their
children. Often his consultant
role turns into that •ofa ,rnediator
Because the,goals` of the parties
involved haven't been cont
yeyed..'
Goals must be .. clear to each.
member involved.in the •transi-
..Huinphries said details
such as.'will the daughter in-law
'keep her job or ,Work on:the
farm,; -must: be' worked out. ..The
• mother, and father must also
decide if ..they want to movegr.:
remain living on the farm.
"It• has to . be people first and.
the financial feasibility, later:,
*om and dad may want a cash'
settlement to buy` a retirement
home in Kincardine and then
the son will have to look at get-
ting an outside loan, which he .
may not want' to do:" '. '
When business deals occur
outside the family, people don't
have to worry so muchabout
hurling; other's feelings. That's
not the case with this type of
business deal, Humphries said. 1
A video pack-
age called
"Between.
Generations" was
designed to help
families deal with
these problems.
The• three-part
program has been
aired several' times •
on television and
has won a silver
%' award in broad -
Massey-Fergu is cele-
orating its 150th miniver.
Bary this year The compa-
ny's first :tractor was the M-
K I, 1'flanufacture : by
Massey -Harris, the puede-
cesssorto Massey
Ferjuson, In 1919. The M -H
1 produced 12 horsepower
at the drawbar and 25
horsepower at the belt.
•
Improper
handling
Can result
in persoricil
ram,ificati9ns
casting.
The package contains a copy
of the TV series and another
video of interviews •with an
accountant,` lawyer, banker and •
financial planner, .
$augeen Township's Shirley
Un.de.rwood, in the farming
business for 20 yearsand a
. financial planner with Investors
• Group, was. part of the interview
series. '
"A lot of this was very realis-
tic to 'rite. "It's differentthan
financial .„planning for the :aver.
age person;" said Underwood.
The. video '.package is avail-
able for fanners to purchase or
borrow: The. 'adviC of an:
OMAFRA consultant and. -busi
ness 'management advisor can
also be. used, free of charge; to
help families". with the transition.
For more information call -
your, local OMAPRA; office or
to purchase the video package
call 1-807466-2372,
e now
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