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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, . $augeen Township's Shirley Un.de.rwood, in the farming business for 20 yearsand a . financial planner with Investors • Group, was. part of the interview series. ' "A lot of this was very realis- tic to 'rite. "It's differentthan financial .„planning for the :aver. age person;" said Underwood. The. video '.package is avail- able for fanners to purchase or borrow: The. 'adviC of an: OMAFRA consultant and. -busi ness 'management advisor can also be. used, free of charge; to help families". with the transition. For more information call - your, local OMAPRA; office or to purchase the video package call 1-807466-2372, e now We'ai.give you, the official 4. Brassicanapobrassica name ofvarious: vegetables, you, see how `good yodr knowledge is, Answers are . below, .,No cheating! • 11 Agartcusb.*spores, Len tinuia, edodes and Pleurotus Spp i..¢.•,. o • o •••••4.4.;.4.4,••••• 000 V: . . 5. Daucus carota, L Umbelliferae) .7„ . ,•.............r...; , . 6: Brassica oleraceai, form Borrytis • 2. Brassica oteracea. 3 Allium Cepa - i '. • ..,.....4..ti'i..w.'•! .............. .4....•........ go3aoiti '' •g sputa •g, !llequinf. • 0101110,T a$uQge3 �Z swoo rimy r • :sa?Asrtly Farm Progress '97-Pege 9A MALCOL. M GRAY INSURANCE BROKERS LIMITED • Dairy - Premier Program • Swine - Premier Program • Poultry • Cash Crop • Specialty 'Farrrm. • Hobby Farms Allan Carter Would you Prefer an Insurance Broker with Agriculture Experienc TER dears Farming Experience SeafOxth 5-19-522-0399 �w. An Independent Insurance Broker. Covers You Best' ' Stratbioy 1-800-265-0959. ANCE BROKERS LIMITI