What’s It Worth If You Stay On The Farm?. John R. Baker Attorney at Law 1-800-447-1985 [email protected] Photos by USDA NRCS. Our greatest responsibility is to be good ancestors. Dr. Jonas Salk. Acknowledgments. Professor Andrew Errington (deceased)
Dr. Jonas Salk
Research Chair in Rural Development
University of Plymouth, England
Professor of Business Management
If the ship-building art were in the wood, it would produce the same results by nature.
Aristotle (384 BC – 322 BC)
If the farm succession art were in the assets, it would produce the same results by nature.
John Baker (1947 - ????)
Continuation of farm family business
Continuation of family ownership of farmland
Assets Money Management
we see them as we are.
Anais Nin (1903 – 1977)
Now I’ll spend the rest of my life paying off my brothers.”
English farmer, Devon, UK 2002
Dad and Mom have asked Sarah to come back and eventually take over the farm family business. They have offered Sarah an annual salary of $52,000 per year.
Sarah has one sister and two brothers. None are interested in taking over the farm family business.
Dad and Mom have always said that they will treat all their children equally.
Mom and Dad have told Sarah that she will receive $250 per week and that each of her sibling will receive $250.
Sarah, her sister and her brothers have been treated equally.
Does this sound fair?
If it is not fair during the life of the owner then what makes an equal division fair after the death of the owner?
Compensation = Contribution