Don't want to hijack your thread, but I am in the same boat.
I am planning to retire next fall. My wife and I plan on doing something stupid. Gonna' borrow a million dollars from SBA and buy into a landscaping business in Sarasota Fl.
Have around 100 cows, 35 yearling heifers, 4 bulls, all pasture and hay ground paid for. Am in the cycle of selling heifers every year and keeping yearlings back.
Selling the cattle is NOT an option, tax hit would be 50% of the sale total.
Am talking to someone my age, 62, about some type of percentage agreement. I have all the equipment, except haying equipment always hired that done, and top of the line facilities to handle the cattle. All pastures are divided up into MIG.
Anyone have any thoughts on what they would agree on? We have only had pleminary talks, the business deal in Fl. has to work out first. I must have something to do, or else I'll just be an alcolhoic.
Plan to be back and forth from FL. to Mo., ain't giving up my house yet. gs