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New London, Wisconsin | I did it when I found my crane business was taking a lot of time and making money 25 years ago. Always start with the tax accountant and be prepared to do things in stages. It actually can be harder to make the business smaller than rather than larger, so proper planning is VERY important.
I'm retirement age and the crane business is now sold. The kids are not interested in the farm and all have wonderful careers they enjoy. The farm was a nice thing to have, but It was cutting in on my travel plans and I am very much ready to farm less. I just leased my farm to a neighbor and will be slowly divesting farm assets per the tax plan we worked out in advance. I will keep a few farm equipment items long term so I can have enough to play with on a small number of acres, but the big risk and commitment is gone. I feel delighted with the way things are going and have always had a number of other interests besides farms. To me it's a new chapter I am looking forward to.
Jim | |
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Anyone downsize their farm operation? How did it go?
