Splitting the cost of maintenance

[Skyline]

I wonder for those of you who run a farm as your family business, how do you split the cost with your family? For me every time when it comes to maintenance, it’s always a hassle to talk about it, apparently because it’s about money and it costs quite a lot sometimes.

 

[The Big Cowhuna]

I run a family business and I employ lots of family, but it's only owned by my wife and me. The business should be paying for the maintenance of equipment. It should get included in your annual budget. I have a budget for routine maintenance and another for unexpected mechanical failures. I'd create a budget that includes something like that. Does every family member own an equal share in the business? Have you guys decided how to reach a decision, like is it an equal vote of all the owners, does the founder make the call, do you have a president or CEO? Setting those rules in place will help. If you have a budget for maintenance and a way to determine how and when it will be done, then it'll go much smoother.