Selling up!? Any regrets!!???

Tomato ketchup

I'm a long term reader but first time poster. Genuine question.... When is enough enough? Myself and my family are finding it so tough at the moment, financially and mentally. 300 acres, mostly tillage. Did anyone sell up and have any regrets?

stanflt

Tomato ketchup wrote: »

I'm a long term reader but first time poster. Genuine question.... When is enough enough? Myself and my family are finding it so tough at the moment, financially and mentally. 300 acres, mostly tillage. Did anyone sell up and have any regrets?

Well done on posting that-

Life is for living so I wouldn't worry about selling or leasing if it eased the strains of day to day life

We as farmers tend not to think about our mental health but health and happiness are the two most important things in life

I can't help you with your question but just remember that there is no shame in selling

Life is for living- not for worrying about what the neighbours would say

Tomato ketchup

Thank you Stanfit for your reply. The farm has been in my family for 3 generations and I feel so much guilt even thinking about selling. It was never in my nature to do that. I love farming. As you said, what would the neighbours and family say!? It's taking its toll on my mental health and my family. I have a wife and kids that support me in whatever i decide, but as I said, when is enough enough. Thanks.

okiss

I would agree with the the post here that life is for living.
You have to consider your own physical and mental health. At the moment from your post I feel that you are working hard/long hours and not getting much financial reward for this.

Farming has change a lot say in the last 10 to 15 years and with the eu and britix who knows what is coming down the line.

I know the farm has been in your family for 3 generations and you like farming. How would you feel that if you kept working hard for the next 10 years to end up with bad health. At that stage your children are teenagers or young adults. Meanwhile you missed out on the extra time you could have spent with your wife and the children when they were young.

At the end of the day you need to do what is right for you and your family and if other people don't like this so what. The reality is they have no idea of your own particular circumstance.

kay 9

Do you have to sell? What are you considering venturing into? Is it possible to try before you sell? It's a big decision for many.
Know a few that sold out and they're either dead now or hanging their heads over a whiskey at a bar counter.

If you do it, make sure you have the right attitude so it doesn't bother you, everyone differs.
Best of luck with whatever you decide.
Life's too short for stress....

beauf

Is there any other income that can be generated from the farm other than farming. I see a lot convert into Accommodation, camping, cafes, Kids petting farms things like that.

_Brian

Is there any merits in suggesting leasing a chunk and remaining farming on a much smaller scale, or perhaps leasing the full farm.

the_syco

_Brian wrote: »

Is there any merits in suggesting leasing a chunk and remaining farming on a much smaller scale, or perhaps leasing the full farm.

Was about to say the same. Is any of your land at a stream/water? Are there neighboring farmers that could use a section of your land for livestock?

Start off with a two year lease, but write it with the help of a solicitor, so you could include a break clause that will end it if you decide to sell up, or other such clauses that the solicitor may have come across.

Grueller

+1 for the lease. Around here €250 to €300 per acre is available freely enough for land like yours. That is €75- €90k per annum. You still own the asset and have a serious wedge before whatever you change into. Best of luck OP, not a simple decision with the weight of expectation a family farm places on your shoulders.

blue5000

Welcome on board TK, tillage margins have been tight the last few years. Is there anything else bugging you?

As other posters have said is leasing an option? AFAIK you can bring in 40k a year tax free in a 5 yr lease.

Username John

Tomato ketchup wrote: »

I'm a long term reader but first time poster. Genuine question.... When is enough enough? Myself and my family are finding it so tough at the moment, financially and mentally. 300 acres, mostly tillage. Did anyone sell up and have any regrets?

Hello Ketchup,

I was in a similar situation...
With a full time job, and a small family - it was either a case of robbing time from work, or robbing time form the family to do some farming.
Then, there was the time vs reward - financially I had very little so show for the time put into the farm.
Finally, there was the constant feeling of I was somehow 'holding the farm back' - that it wasn't being run very well. I always seemed to be running, doing everything last minute.
(Although, I am not sure I am the greatest farmer anyways)

Anyways, I let some of the farm (about 70%) on a long term lease. Best thing I ever did.

I have a few acres around the house for my 'hobby farming'. I find the few acres great for my own happiness and well being, but not at the expense of the family, as its far more manageable.
The lease money goes into the house account, and this is for spending on whatever is necessary.
I still try to take some money out of the farm - for annual holidays, so the family have something out of my time spent farming.

I cant advise you on what to do. I can only outline what I did, and how it worked out for me...

I would say don't be afraid to reach out, to talk. Be that sitting down with a family member, or a professional, or coming on here... Chat it through...

Best of luck with it all...

The part time boy

Slightly different but I sold up my dairy herd 2 years ago and exited full time farming . I did not sell the farm but I will come back to that .

I think I know how your feeling the last 7 years of dairy farming I seemed to have more bad years than good. 2 bad milk price years. One year bad weather . One year my father passed away and I dropped the ball and lost a nice bit of money .

It grinds you down when your worrying about money not having enough to pay bills and always hoping the following year be better .

My extended family is involved in tillage so I know ye had it tough last few years. The price of grain is actally criminal .

Did neiobours talk about me as a failed farmer when I sold up ?

I sure they did . 2 people in last 12 months have said your doing well now sure farming did not suit ya. Which I have to say that frustrates me to hear . I farmed full time for 20 years bringing cows from 23 to 70 build a lot of shed. There was times when it was tough but I really liked what I did but I wanted a change . Maybe I did not really really love it like other farmers who could not dare leave the farm .

Did i care what people said about me ?

No . It was a slight consure if i been honest when i was weighing it up and comments like above are unhelpfully but overall other people where not going to dictate what I did with my life. F**k them let them off talk all they want !

Do i miss it ?

I miss the girls them selves when you see them twice a day sense they are born for around for 5 6 years they become somewhat friends . There some day that I miss full time farming but as I say I don't miss it any where near enough to go back .

Do i regret it ?

Not one bit. Best thing I ever done to be honest . I love my new job . The fincial relief after was like a weight lifted off my shoulder. I also love the new freedom of been able to go away for a weekend without worrying about cover . I did not realise how much a money worrying was effecting me or I did not realise how tied down I was untill after they went .

So going back to selling the farm. Personally I could not sell it . I don't see it as my farm to sell for a start I only the caretaker . Also I am part time farming with few cattle . This was something I really wanted to do as I Could not see my self with not having any cattle

My advise would be do what you and your wife and children want to do . Don't mind other family or neighbours.

Life too short to be spotting a mistake in your life and doing nothing about it .

But like others I would suggest don't sell .lease it all or part of it.

Have you taugh what you like to do if you get out of farming ?

Best of luck !

Zoo4m8

Lots of sound advice above...my situation is different to yours, getting on now and none of the family interested. One day I said to myself what sort of fool am I? I'm working myself into an early grave and when I'm gone the people that will follow certainly won't be farming the place.
So I've sold most of the place, it's a complicated arrangement involving a number of people and I'm not going to bore folk with the details, and I went and bought an out farm. It's rented at the moment, my 'walking around land' as my wife calls it and I love it!
My point is, your and your family's health and happiness come first, feck the neighbours , there is no shame in selling , I felt a little bit of guilt at first but that rapidly disappeared with the improvement in my finances and home life and I can genuinely say I am happier and more content than I was over many years prior to taking plunge.
Anyway, the very best in whatever decision you make..

Cavanjack

Lease it out for a few years see how it goes. I wouldn't be in any panic selling. Some of the kids may want to go farming in a few years.

august12

Cavanjack wrote:

Lease it out for a few years see how it goes. I wouldn't be in any panic selling. Some of the kids may want to go farming in a few years.

I would agree with this, do not sell at the moment, lease it out for 5 Years, there is a tax free income threshold I think for long term leasing, or lease a part of it and retain a part which you could comfortably farm, maybe keeping the sheds and handling facilities etc. It really depends on your financial position. If you are over 55 and have farmed for previous 10 years, there are significant tax allowances if selling land, I wouldn't contemplate selling if under this age.

Cattlepen

Live in the now and don't be worrying about the last three generations. They had their time with it and it's yours to do whatever you want. Any one that has the cheek to judge you has to much time on their hands and should busy themselves at something more productive. If you have a plan you are confident in, go with it.
Best of luck whatever you decide and whatever you do don't look back!!

Bullocks

Brilliant thread Tomato , I don't think you're the only one wondering should I pack it in but people rarely say it out loud .
I often think its a waste of time when I have farming to do at the weekend and things arent going right or worse still to sell a few cattle and realise how little of the cheque I havent already spent on them .
Don't worry about the previous generations ~I'd say most of them wouldn't bother farming either if the returns were as poor as they are nowadays
Don't feel guilty about selling /leasing , if it eases the stress at home its worth it .

Bass Reeves

Tomato

You need to take a step back and review the situtation. Maybe selling is the answer, maybe not similar with leasing and continuing to farm. Somehow I think that financial issue are at the heart of your problems. Farming is a low margin game compared to the investment in time and money it takes. It is very easy to be a busy fool doing everything right.

Some farmers leave it too late to take stock. This is a real issue where you and your family are totally dependent on the farm for your total income. IMO tillage is a virtual dead duck in Ireland because of the investment in machinery required and labour costs.

What you need to do is look at all your assets and liabilities. can you change your system. You mentioned that you are mostly in tillage. What is the other enterprise is it profitable or would it be profitable if all you attention was focused in it. Can you reduce debt by selling machinery not required if you exit tillage. Are sheds etc convertible for use in drystock or sheep.

Talk to a good agri consultant and tax advisor before you do anything. Often in farming we equate output to profitability. You will hear some always push increased output as the answer. I assume you have a SFP this is your whether you farm or not. If you lease half the farm will this bring in 200/acre or 30K/year. However this will half your SFP longterm.

Selling might be the answer but beware of capital taxation on what the sale price may be versus present book value. In some cases you pay your liabilities after paying capital gain tax. Remember that losses are can be carried forward again future profits as long as you can manage them so will reduce income tax liabilities longterm. As well interest rates are virtually negative and investment in area's you are not familar with are risky.

If you have a friend that you can trust that is good with figure go through the issues with him. However`an outside advisor may be better.

bogman_bass

Some people that you don't even know will try and guilt you into keeping it which is odd. However, have you something else to be going into? Getting out of farming is no shame but do it to be scratching your arse is. Do you know what you want to do next?

Bullocks

bogman_bass wrote: »

Some people that you don't even know will try and guilt you into keeping it which is odd. However, have you something else to be going into? Getting out of farming is no shame but do it to be scratching your arse is. Do you know what you want to do next?

Scratching your arse might be just what the doctor orders after being ran down on the farm over a few years . Could be a good way to figure out what suits everyone and maybe better than rushing into something you didnt like

L1985

Just to say it's a brave question to ask. I think if you get to the point where you are seriously asking that then something needs to change. If you have the opportunity to do something else I would take it and lease out the farm. Give yourself some breathing space and time away from the farm and you may realise why you love farming and what you can change to make it work for you or realise that it isn't for you and change things going forward. You only get one life so live it. No one else's business esp not the neighbours. I think giving yourself breathing space will give you and your family a world of good!! Best of luck with whatever you end up doing!! The previous generations are not as important as the generation now and the one coming along!!!

Tomato ketchup

Thanks for the replies! Food for thought with every one of them. Writing that down and reading the replies was like therapy to me. Thank you. When I inherited the farm it came with a lot of debt. Over 100k to be paid over 5 years, and nothing to show for it, but I won't go into that. I've that 100k+ nearly gone now but I'm constantly chasing my tail trying to keep up. Bills coming in left right and centre.

Myself and my wife have talked. Many conversations of "when is enough enough?" And "it's nearly over now, surely the only way is up from here!". She works full time too and every penny goes into childcare/bills/farm.

I see my neighbouring farmers all around me buying brand new machinery and doing really well financially and think what am I doing wrong.

Believe me this isn't a "poor me" post. I think what I need is a holiday!!!!

Thank you.

Tomato Ketchup.

stanflt

Tomato ketchup wrote: »

Thanks for the replies! Food for thought with every one of them. Writing that down and reading the replies was like therapy to me. Thank you. When I inherited the farm it came with a lot of debt. Over 100k to be paid over 5 years, and nothing to show for it, but I won't go into that. I've that 100k+ nearly gone now but I'm constantly chasing my tail trying to keep up. Bills coming in left right and centre.

Myself and my wife have talked. Many conversations of "when is enough enough?" And "it's nearly over now, surely the only way is up from here!". She works full time too and every penny goes into childcare/bills/farm.

I see my neighbouring farmers all around me buying brand new machinery and doing really well financially and think what am I doing wrong.

Believe me this isn't a "poor me" post. I think what I need is a holiday!!!!

Thank you.

Tomato Ketchup.

The hardest thing is sometimes building the courage to open up and discuss how your feeling- fair play to you

I wish you all the best with whatever you decide and I hope that you can see light at the end of the tunnel- remember why sacrifice your health and happiness for what the neighbours may say- even leasing part of the farm out and the single farm payment wouldn't be a cope out- you would be able to live comfortably tax free and have a happy lifestyle and still own the farm

Being able to sleep soundly without worries is a fantastic thing

Well done on being so open and honest

august12

Tomato ketchup wrote:

I see my neighbouring farmers all around me buying brand new machinery and doing really well financially and think what am I doing wrong.

Just because you see new machinery all round you does not mean people are doing really well, they could be knee deep in debt, remember it's not long ago this country was debt laden, I admire you for opening up about your situation, as the saying goes, health is wealth. If you are constantly struggling and have no quality of life, then change and a fresh start for all of you is the best thing, please come back at a later stage and let us know what path you took.

fepper

Tomato ketchup wrote: »

Thanks for the replies! Food for thought with every one of them. Writing that down and reading the replies was like therapy to me. Thank you. When I inherited the farm it came with a lot of debt. Over 100k to be paid over 5 years, and nothing to show for it, but I won't go into that. I've that 100k+ nearly gone now but I'm constantly chasing my tail trying to keep up. Bills coming in left right and centre.

Myself and my wife have talked. Many conversations of "when is enough enough?" And "it's nearly over now, surely the only way is up from here!". She works full time too and every penny goes into childcare/bills/farm.

I see my neighbouring farmers all around me buying brand new machinery and doing really well financially and think what am I doing wrong.

Believe me this isn't a "poor me" post. I think what I need is a holiday!!!!

Thank you.

Tomato Ketchup.

you agreed to inherit a 300 acre farm,which in itself is some inheritance and has top quality land if in tillage,if you had sold 20 acres then,cleared the debt ,you would have had a clean slate going forward without that debt that clearly knocked the stuffing out of you to try to clear from working farm finances,it wont be easy to recover from all that pressure going forward and for sure it would turn you off that life for good

yosemitesam1

Could you rent out a big chunk of the land and plant with red clover for 2-3 years. It'll give you time to think, probably leave as much if not more money than tillage and land will be in better shape after it.

tractorporn

august12 wrote:

Just because you see new machinery all round you does not mean people are doing really well, they could be knee deep in debt

+1 on this most likely the lads with the shiny kit are stressing about repayments on that machinery. The grass usually isn't any greener across the ditch.

jonnybravo

A couple of points came to mind reading this thread.

Firstly would it be possible to get someone independent in to look at the financials or the current performance of the farm. Sometimes it is good for someone to look at a high level at what you are currently doing and seeing if there is anything that can be done better.

Secondly if some extra cash would help give some breathing space would it be worth considering either selling a site or a few acres and using that money to give yourself sometime. It's not a long term solution but it might give you some time to make a long term decision.

Finally if you do sell or lease your land what will you do with your time. Is there another job or something else you are interested in doing other than running your own farm. For example would you be happy to work on someone elses farm if that was an option? Is there much other employment in the area you work?

Best of luck with whatever you decide.

Timmaay

august12 wrote: »

Just because you see new machinery all round you does not mean people are doing really well, they could be knee deep in debt, remember it's not long ago this country was debt laden, I admire you for opening up about your situation, as the saying goes, health is wealth. If you are constantly struggling and have no quality of life, then change and a fresh start for all of you is the best thing, please come back at a later stage and let us know what path you took.

I also see farmers buying new machinery when they clearly have areas they could get a much better return on investment in, and equally so I know farmers with 25yr old tractors, not much investment in the farm at all, but well run tidy ships, and very heavy drawings to support their families (say 3 or 4 kids and the wife doesn't work), afew shiny machines inside the gate gives very little reflection on the success of the farm.

fepper

His main problem it seems is the debt he got with the farm that has to be paid with him seeing nothing in return,as least if had the 100000 euro worth of new machines in the yard,at least he could see what he was paying back on...and you still have your 300 acres,well done

Markcheese

I agree with the getting "professional help" to list your options. Teagasc, accountant, farm advisor... Whoever you feel you can talk to, and get straight answers...
. . And be cautious... Nó reason you can't go with a temporary situation that'll give you and your family breathing space and you can revisit in a year or 2..
. ... But there's no point ruining your physical and mental health to hand on a valuable asset (or millstone) to kids you haven't had the chance to know...
. . Yes the land is an opportunity but it's also a tie...

Who2

You've paid down 100k in five years and still kept things running, that's nothing to be sneezed at. Your over the hardship now , things will get better,. Think of how you'll spend that 20k each year going forward. Forget the neighbours shines new kit the 0% finance and balloon payment that very few will be able to afford down the line.

Misty Moon

I'm not involved in farming in any way but I know a whole lot about debt. You need to figure out, I suppose, whether or not it's the farming or the debt that's really causing you stress. Don't underestimate how much debt can affect you. And, of course, how wonderful it'll feel when it's gone. Making enough to pay off nearly 100k is a massive achievement.

Keepgrowing

This is a brilliant thread, really interesting the varying views and can't disagree with any.

I've 2 farms leased one is a situation where owner fell into bad health and things got on top of him. He kept it hidden from his wife and family. He wouldn't have been the best farmer but would get by.

As with all these situations the inevitable happened and the whole house of cards came tumbling down around him. He had bills left right and centre and a fair whack of bank debt, nothing mad but when one isn't paying their way they get gittery.

He wasn't keen on selling any land, employed a consultant to look over the whole scenario. He wanted to hold farm in tact as he hoped his son then 15 would have an interest in the future. Plan was made to destock, use funds to pay off merchant credit and land lease would pay bank over te of lease. He now works part time for us and is happier than ever and has thankfully made great progress on the health front. His son is studying Ag and isn't sure if he'll start faint or go work in industry.

Point is once he made the decision the clouds started to lift. He did sell a site to bolster his lump sum from the cattle sale.

The other one we have was a really well run dairy farm, new parlour, slurry tower complete with stock. The guys family have no interest and he doesn't want to sell but is willing to be employed on farm.

His goal was to guarantee his income from the farm for the next several years without any risk. He now milks in the farm and has his weekends free for the first te on some time.

The difference between the two is that the second guy deliberately modernised his farm to attract a long term tennent.

Not sure if this helps but it has worked very well for these two families.

Guy no2 in particular laughs heartily when he gets the odd jibe about setting his land and himself so young. He has succeeded in securing his income, his main asset will be at least as healthy and looked after as it could be and he's free to come and go as he pleases. What he also loves is the fact that his sons will inherit a well run farm that they can sell.

kowtow

Keepgrowing wrote: »

This is a brilliant thread, really interesting the varying views and can't disagree with any.

I've 2 farms leased one is a situation where owner fell into bad health and things got on top of him. He kept it hidden from his wife and family. He wouldn't have been the best farmer but would get by.

As with all these situations the inevitable happened and the whole house of cards came tumbling down around him. He had bills left right and centre and a fair whack of bank debt, nothing mad but when one isn't paying their way they get gittery.

He wasn't keen on selling any land, employed a consultant to look over the whole scenario. He wanted to hold farm in tact as he hoped his son then 15 would have an interest in the future. Plan was made to destock, use funds to pay off merchant credit and land lease would pay bank over te of lease. He now works part time for us and is happier than ever and has thankfully made great progress on the health front. His son is studying Ag and isn't sure if he'll start faint or go work in industry.

Point is once he made the decision the clouds started to lift. He did sell a site to bolster his lump sum from the cattle sale.

The other one we have was a really well run dairy farm, new parlour, slurry tower complete with stock. The guys family have no interest and he doesn't want to sell but is willing to be employed on farm.

His goal was to guarantee his income from the farm for the next several years without any risk. He now milks in the farm and has his weekends free for the first te on some time.

The difference between the two is that the second guy deliberately modernised his farm to attract a long term tennent.

Not sure if this helps but it has worked very well for these two families.

Guy no2 in particular laughs heartily when he gets the odd jibe about setting his land and himself so young. He has succeeded in securing his income, his main asset will be at least as healthy and looked after as it could be and he's free to come and go as he pleases. What he also loves is the fact that his sons will inherit a well run farm that they can sell.

Those who have watched things evolve elsewhere - particularly in the UK - over the last twenty years will recognize that post as an accurate description of more and more dairy operations, almost all of which are businesslike, forward looking, and all in all the sort of place that one would be happy to either own or operate.

I cannot think of a better recommendation for a successful tenancy than that the Landlord himself is happy to work for the Tenant.

We have a crooked view of tenancy, unfortunately, in this country and we're a bit slow to come around but the arrangements described above should give everybody cause for optimism. There is more than one way to keep families farming.

Keepgrowing

kowtow wrote: »

Those who have watched things evolve elsewhere - particularly in the UK - over the last twenty years will recognize that post as an accurate description of more and more dairy operations, almost all of which are businesslike, forward looking, and all in all the sort of place that one would be happy to either own or operate.

I cannot think of a better recommendation for a successful tenancy than that the Landlord himself is happy to work for the Tenant.

We have a crooked view of tenancy, unfortunately, in this country and we're a bit slow to come around but the arrangements described above should give everybody cause for optimism. There is more than one way to keep families farming.

Interesting post, neither families will refer to rent as "rent". One guy calls it ""profit share" the other calls it "the monthly fee".

Neither refers to themselves as Landlords

patsy_mccabe

Landlords and rents has serious historical connotations in this country.

kowtow

Keepgrowing wrote: »

Interesting post, neither families will refer to rent as "rent". One guy calls it ""profit share" the other calls it "the monthly fee".

Neither refers to themselves as Landlords

Which is probably why, so far, there are so few setups like that in place at the moment.

But I think they will grow, certainly the tax breaks were a very sensible move, and no matter how the markets do one way or another there will be some farms over the coming years that wish - in hindsight - that rather than expanding on borrowed money and limited labour they had leased land out and shared out the risk.

Keepgrowing

kowtow wrote: »

Which is probably why, so far, there are so few setups like that in place at the moment.

But I think they will grow, certainly the tax breaks were a very sensible move, and no matter how the markets do one way or another there will be some farms over the coming years that wish - in hindsight - that rather than expanding on borrowed money and limited labour they had leased land out and shared out the risk.

We hosted an English/Welch dairy discussion group about 10/12 years ago. These guys were forging ahead as quota wasn't production, it had become labour and land.

I kept in close and constant contact with some members of that group. We would spend 3 to 4 days per year visiting them as we could see the day coming when it would be the same here.

The rules are the same its just the scale that's different. We've a really simple view of business here, we won't be pioneers by any stretch but if we see something that's successful we'll unashamedly copy it.

kowtow

Keepgrowing wrote: »

We hosted an English/Welch dairy discussion group about 10/12 years ago. These guys were forging ahead as quota wasn't production, it had become labour and land.

I kept in close and constant contact with some members of that group. We would spend 3 to 4 days per year visiting them as we could see the day coming when it would be the same here.

The rules are the same its just the scale that's different. We've a really simple view of business here, we won't be pioneers by any stretch but if we see something that's successful we'll unashamedly copy it.

+1

My feeling is that many dairy guys in the UK - once they had the energy and enthusiasm for it - were simply not going to wait for the neighbours to fall off the perch. Either they intensify and often end up indoors, or they get on their (metaphorical) bikes and rent a unit (or units) and somehow make it work, or - if they have the inclination for it - they diversify with a smaller base and put the energy into direct sales, cheese-making, products, whatever - as long as they can develop an edge.

There's certainly no difference in commitment, energy, and skills between here and there - more opportunity and more direct markets of course, maybe also a recognition that when all is said and done the real capital they need to get a return on is themselves.

Keepgrowing

kowtow wrote: »

+1

My feeling is that many dairy guys in the UK - once they had the energy and enthusiasm for it - were simply not going to wait for the neighbours to fall off the perch. Either they intensify and often end up indoors, or they get on their (metaphorical) bikes and rent a unit (or units) and somehow make it work, or - if they have the inclination for it - they diversify with a smaller base and put the energy into direct sales, cheese-making, products, whatever - as long as they can develop an edge.

There's certainly no difference in commitment, energy, and skills between here and there - more opportunity and more direct markets of course, maybe also a recognition that when all is said and done the real capital they need to get a return on is themselves.

We ended up heavily involved with a farmhouse cheese business for the last ten years of quota. We were able to secure adequate amounts of direct sales quota to keep us out of bother.

That relationship has since ended, we gave consideration to taking up that gauntlet ourselves. We however didn't have the necessary knowledge to hit the ground running and would've had to go back to square 1. We felt our strengths lay elsewhere, so just stuck to the knitting.

visatorro

Keepgrowing wrote: »

We ended up heavily involved with a farmhouse cheese business for the last ten years of quota. We were able to secure adequate amounts of direct sales quota to keep us out of bother.

That relationship has since ended, we gave consideration to taking up that gauntlet ourselves. We however didn't have the necessary knowledge to hit the ground running and would've had to go back to square 1. We felt our strengths lay elsewhere, so just stuck to the knitting.

One of the most important traits of success is knowing what your not good at. Seeing someone make a profit of something you know nothing about and presuming you can do the same is a common mistake.

patsy_mccabe

"If we have a strength, it is in recognizing when we are operating well within our circle of competence and when we are approaching the perimeter" - Warren Buffett.

kowtow

patsy_mccabe wrote: »

"If we have a strength, it is in recognizing when we are operating well within our circle of competence and when we are approaching the perimeter" - Warren Buffett.

Very true, although in his case the entire free investment float of an insurance company did help to oil the wheels!

patsy_mccabe

kowtow wrote: »

Very true, although in his case the entire free investment float of an insurance company did help to oil the wheels!

Heard yesterday that the Ed Sheeran concert is €85, paid up nearly a year in advance. Very similar, don't you think. :rolleyes:

jaymla627

visatorro wrote: »

One of the most important traits of success is knowing what your not good at. Seeing someone make a profit of something you know nothing about and presuming you can do the same is a common mistake.

The above should be put on a postcard and sent to the pleothra of tillage guys throwing up massive parlours at the minute and going milking a few hundred cows of the bat, have no qualms about guys switching over but it's some reciepe for disaster where the skillset to run a dairy herd isn't their, rep was up that sold us a bulk tank yesterday and had four tanks going into tillage conversions for next spring with a pile more enquiries they reckoned they would just employ a manager and be on easy street his comment was their in for some kick in the whole when they go looking for one as their simply not out their

Waffletraktor

Keepgrowing wrote: »

Interesting post, neither families will refer to rent as "rent". One guy calls it ""profit share" the other calls it "the monthly fee".

Neither refers to themselves as Landlords

Over here on the tax returns their 'farmers'. Alot of the non actively 'farming family farms' that are arable are run under fbt's rather than just rented or sold. It drains the life out of the place and encourages all the wrong sort of management for max profit today pain down the line later. Alot of these farms are flat on their arse broke now with sfp keeping them afloat.
Could easily see a situation if ye rocked up to take on a block for rotation if could sort a semi mobile parlour(every few years).