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Tractor Talk Discussion Forum

Payment for tractor use

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37 chief

08-30-2005 14:47:45




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My brother and myself bought a JD 5020 a few years back. Both put in equal amount to purchase tractor. Since being in our posession I do all the maint. I get all the discing jobs, and pay for all the fuel. My brother does nothing except to follow me when I move it on the roads. What would be a fair amount to pay him for his interest in the tractor. Thanks Stan in calif




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Coldiron

08-31-2005 06:18:51




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 Re: Payment for tractor use in reply to 37 chief, 08-30-2005 14:47:45  
Chief, In any partnership that is going to dissolve the parties could sell the assets and split the money received. If one of the partners wanted to keep the assets and begin a new venture alone, they could get an apprasial of the assets and divide the value into equal shares. The partner could now buy out the other partner accordingly. Any profits from the business venture that have not been divided as yet could also be split into equal shares. This would be fair to all parties and still have a peaceful family or remain good friends whichever the case may be.

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37 chief

08-31-2005 00:52:27




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 Re: Payment for tractor use in reply to 37 chief, 08-30-2005 14:47:45  
My brother and I get along quite well. He will accept what I give him, I just thought someone might have been there done that. Stan



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James2

08-30-2005 19:44:41




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 Re: Payment for tractor use in reply to 37 chief, 08-30-2005 14:47:45  
Did you consider letting him determine what his 50% share is worth, with the agreement, that if you are unwilling to purchase his half at that price, he will be obligated to purchase your half at the same price?



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Dug

08-30-2005 19:12:20




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 Re: Payment for tractor use in reply to 37 chief, 08-30-2005 14:47:45  
Tough question. Personally, my brother would be happy to see I was able to use the tractor and money would not be an issue. However, most people are not like my brother! So, I would do one of two things, either decide the going rate to rent a tractor and pay your brother half that rate, or as others have said, buy his half for the original purchase price (or more if the value has increased.)

And don't go halves on another tractor!!!

Dug

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jimNCal

08-30-2005 18:20:15




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 Re: Payment for tractor use in reply to 37 chief, 08-30-2005 14:47:45  
Family will ALWAYS be just that. Fair is what YOU TWO decide it is. Why ask here? Go with what your parents taught you and your heart tells ya.(if it FEELS wrong, don't do it)

jim ( with two brothers I would die for.)



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kyhayman

08-30-2005 18:11:03




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 Re: Payment for tractor use in reply to 37 chief, 08-30-2005 14:47:45  
I'd offer him what he put in. It may be too much, probably is but JD's hold value real well. Bottom line to me is I'd rather offer more than fair to keep the peace in the family. If he thinks its too much then he can give back what he thinks is too much.



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Redmud

08-30-2005 16:50:03




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 Re: Payment for tractor use in reply to 37 chief, 08-30-2005 14:47:45  
Oh! I forgot to ask, why does he follow you on the road? ride back? California law?



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Redmud

08-30-2005 16:42:03




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 Re: Payment for tractor use in reply to 37 chief, 08-30-2005 14:47:45  
Stan, those kinda deals are really hard to work out and keep peace in the family. Been there, done that. Brothers will always want all the money they paid in at the conception of the deal. And the share of profits, and the labor involved don't usually cut any ice at the end of the deal with Brothers. Work it out, and keep peace in the family.



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BobinKY

08-30-2005 16:38:57




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 Re: Payment for tractor use in reply to 37 chief, 08-30-2005 14:47:45  
Ask your brother. Seeings as you are doing all of the work he may not expect anything. If he wants half of the money, then you decide whether to find something for him to do or sell the tractor. Don't let a small thing like this ever come between you and family. Life is too short and family is too important.



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Soldier Tom

08-30-2005 16:28:10




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 Re: Payment for tractor use in reply to 37 chief, 08-30-2005 14:47:45  
Let me ask you something; "What is family worth to you?" In my life I've seen STUPID things like this destroy the really important thing: FAMILY.
You asked for my advise, here it is. GIVE YOUR BROTHER THE TRACTOR,WITH A FULL TANK OF FUEL AND THANK GOD YOU HAVE ONE TO GIVE IT TO.
~Walk in peace~
Soldier Tom



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broker farmer

08-31-2005 06:43:39




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 Re: Payment for tractor use in reply to Soldier Tom, 08-30-2005 16:28:10  
What a great idea! If he's got the money to buy him out then he's probably got the money to go buy another tractor..... .maybe even a better one. Both brothers are happy!
What an idea!



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02

08-30-2005 17:44:47




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 Re: Payment for tractor use in reply to Soldier Tom, 08-30-2005 16:28:10  
You're a wise man,soldier.



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Mike (WA)

08-30-2005 17:31:45




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 Re: Payment for tractor use in reply to Soldier Tom, 08-30-2005 16:28:10  
Well, I don't know as I would go that far, but, assuming you have gotten the income from the custom work, he is still entitled to half of today's fair market value (same as if you had bought it as an investment and parked it in a shed all this time).



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buckva

08-30-2005 17:31:41




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 Re: Payment for tractor use in reply to Soldier Tom, 08-30-2005 16:28:10  

Yep- You done said the right thing there.



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txgrn

08-30-2005 15:44:02




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 Re: Payment for tractor use in reply to 37 chief, 08-30-2005 14:47:45  
Guess you lost that round ole chief.

Mark



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Van in AR

08-30-2005 15:05:59




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 Re: Payment for tractor use in reply to 37 chief, 08-30-2005 14:47:45  
It seems to me at the least you owe him 1/2 of the purchase price, unless they went up in value. Then you may need to give him more depending on the current market value. You didn"t complain when he was paying out half to buy it, however if you do all the work, you should get all the labor and machine fees when you use it for hire.
Van



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dhermesc

08-30-2005 14:54:38




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 Re: Payment for tractor use in reply to 37 chief, 08-30-2005 14:47:45  
My question is why buy his half? You have full use of the tractor for half the purchase price. Now if HE'S unhappy, then I would think 1/2 the original purchase price would be fair.

If that doesn't satisfy him the only other equitable way would be to sell it at a consignment auction and you split the procedes, if you want it back you bid with all the other bidders.



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