pproach as if I were to offer $100 for your entire nut crop. You would
probably say, "Let's weigh those nuts so we will have a basis for coming
to an agreement." It's the same way with timber. There are two ways you
can sell your timber. You can either measure your trees and sell on a
volume basis, or you can mark certain trees and state to several buyers,
"I have marked 25 trees for sale. What is your best offer for them?"
Each buyer looks at the same trees, and you have a common denominator
for comparing the fairness of each bid.

For example, we had a farmer in Woodford County, Illinois who had walnut
trees, wild trees, but growing in a pasture grove. I jotted down the
bids that were made. One buyer offered $200 for 27 trees, another bid
$225 for 35, a third bid $265 for 40 or $165 for 35, and the last buyer
offered $425 for 25 trees. The point I am trying to illustrate is that
the farmer, without that extremely high bid, would have been unable to
compare the bids because someone bid on 27 trees and someone else on 35
trees. If all buyers had bid on 27 marked trees, he would have had a
basis for comparing the bids.

Sell on contract. Farm foresters have simple contract forms which they
will give you. The forms can be filled out so that they tell what you
agree to do and what the buyer agrees to do. Both parties sign the
agreement, so there is less chance for disagreement later.

May I have those slides? (Picture showing large tall tree in dense
forest.) This isn't a walnut tree, but I want to show you the kind of
condition foresters like to see trees growing under. Nice tall stem,
free of any limbs, good diameter. These trees show a rather wide range
of age classes. When I talk to my folks about growing timber, they say
"70 years is a long time to wait for your money." Here is a tree that
started 70 years ago and is ready to be harvested. The crop is sustained
yield.

I put this in to show you what we don't like to see. (Picture showing
park-like stand of timber.) When these 100 or so trees are gone, there
will be no others to replace them. Cattle have grazed this stand to the
extent that it will be a long time before any other age classes develop
to replace those you see in the picture.

That is a white oak. I told you there weren't many. Good diameter all
the way up clear of limbs. When the logger cuts that tree he will have
high quality material. The same applies for walnut, hickory, or any
other species.