Bought two sanys - have I gone mental?

[Stroppymonkey]

Looking at starting up again, losing the benefits of the farm makes a massive difference to how well the business operated. Going forward I’m considering 3 options and I’d appreciate qualified feedback
1. Go tiny, me and 1 or 2 lads. A few machines for our own work, bit of self drive to keep cash flowing, keep my head down and not really invest or build anything. Loads of flexibility and resilience, but always relies on me working to earn. Rent a bit of yard space of a farming friend or two and chuck a container in to store tools.
2. Go retail, take a unit in town, push self drive hard and small tool type plus sales but limit contract work. Opportunity to build something that could be sold or managed by someone else and keep earning but more admin, inspection, staff, hassle. Big bills, no flexibility and little resilience. Not something that really makes sense to me, especially having run a food retail business for last 17 years. General public not really my bag!
3. Buy bit of land, build it back up again. Get to having sheds, house, bit of stock, space to muck away and recycle etc. the dream really but not sure I’ll ever get back there.

Bit of context, 44 years old. Lucky to walk away with 500k max by the end I imagine, and I’ll need a chunk of that to buy somewhere to live.

500K is not a bad level of equity at 44... could be worse! I definitely can't afford a divorce. Mind you half of f**k all - is f**k all! A mix of No.1 and No.3 is my plan.. get me away from Plumbing which is more like your version 2. Too mNy people to please!

 

[Brendan]

As said keep a machine and trailer, just reduce their used values off your side, no point selling then having to spend out additional to buy new.

 

[heritage machining]

Solicitors are like planning consultants they dangle a carrot but the only winners are themselves but if you do decide to get rid of the sanys I may be interested

 

[bobthebuilder]

Initially I’d offered more than 50/50 and keeping the digger business going which could buy her out over 10 years.No need to get any legal involved, keep it in house. Would have reduced her tax bill and given her a good income till retirement. Then the land agent got involved and some figures mentioned and things changed. And again when looking at our insurance schedule and thinking the machines are worth what they are insured for not what we would get at auction. So my second offer rather than solicitors was just sell everything in a farm sale or similar where absolutely everything will be sold despite the fact some of the machines will be worth f all in an auction, dissolve the partnership and limited company. Pay off any debt and bills split what’s left. Seems fairly straightforward. But now got letter from a solicitor saying nothing to be sold and get some legal representation. I don’t want to as it’s a waste of money, effectively we can’t do anything other than either sell everything or agree values but ultimately split 50/50?

get a mate to buy the machines at the auction for you if you think they will fetch f..all

 

[Giles]

Use it as an opportunity to get out of the job completely..

EDIT: and dont move next door to giles

Sadly he’d need 750k+ to move next to me currently,

Options 1 seems like the best way

I’d like a farm to run out make things easier but 1.5-3m near here for anything with a bit of land.

Mate of mine married big farms daughter ran the place etc did it well got it back profitable but was old school farmers with huge land assists. Anyway he’s the type to work 23 hrs a day and not the type to be attentive to mrs. She played away went down divorce track

2 years later and his solicitor bill was £248k hers must be similar barrister saying last push the week in court will be another. £90k he offered her quits walk away but she perused and judge ruled in his favour with costs against here, so that was about a year ago he had to go back to court as she hadn’t paid the £300k in costs but wgen court balifs etc got involved she had to sell a property and pay up

Solicitors had best part of £600k for nothing really

 

[V8Druid]

Initially I’d offered more than 50/50 and keeping the digger business going which could buy her out over 10 years.No need to get any legal involved, keep it in house. Would have reduced her tax bill and given her a good income till retirement. Then the land agent got involved and some figures mentioned and things changed. And again when looking at our insurance schedule and thinking the machines are worth what they are insured for not what we would get at auction. So my second offer rather than solicitors was just sell everything in a farm sale or similar where absolutely everything will be sold despite the fact some of the machines will be worth f all in an auction, dissolve the partnership and limited company. Pay off any debt and bills split what’s left. Seems fairly straightforward. But now got letter from a solicitor saying nothing to be sold and get some legal representation. I don’t want to as it’s a waste of money, effectively we can’t do anything other than either sell everything or agree values but ultimately split 50/50?

nothing legally they can do -- if you feel up to/capable of dealing with whatever gets sent to you, carry on - cannot force you to take legal representation
I took on a 'solicitor', personally, in 2009 and dealt with everything they threw at me -- they conceded defeat in a couple of months and some well written responses

 

[JD450A]

Divorce is a funny thing, they will likely push for 60-40 in her favour.

I would personally get tooled up with a effective solicitor given what you have said as you funding her sprogs should stand you in a positive light.

 

[DaveDCB]

nothing legally they can do -- if you feel up to/capable of dealing with whatever gets sent to you, carry on - cannot force you to take legal representation
I took on a 'solicitor', personally, in 2009 and dealt with everything they threw at me -- they conceded defeat in a couple of months and some well written responses

Didn’t you need one to finalise matters? Obviously paying a solicitor to write emails back and forth negotiating toward a 50/50 split is just going to drain funds!

 

[V8Druid]

Didn’t you need one to finalise matters? Obviously paying a solicitor to write emails back and forth negotiating toward a 50/50 split is just going to drain funds!

wasn't a divorce, per se, in the strictest sense - 's complicated , but no, they argued themselves into a corner from which there was no return and conceded.