Learn about innovative farm management strategies, new technologies for improving efficiency and productivity, ways to ensure a successful transition of farm operations to the next generation. Join us at the 91st annual Purdue Farm Management Tour and reception honoring the 2024 Indiana Master Farmers in Randolph County (Winchester), Indiana on Wednesday, July 17th.
March 17, 2021
Farm Succession: Operating Agreements
Who can join the farm? And how? What terms are set on compensation if equity and contributions aren’t equal? In this episode, our eighth in our Farm Transition Planning series, Purdue ag economists Brady Brewer and Michael Langemeier discuss agreements that are important in a farm business with Purdue Farm Transition team member Ed Farris. They talk operating agreements and common provisions, as well as buy/sell agreements.
The companion episodes in this podcast series can be found here:
- “Farm Transition Planning”, June 24, 2020
- “Farm Succession: Transitioning Business Management”, July 22, 2020
- “Farm Succession: Feasibility of Adding A Farmily Employee”, August 20, 2020
- “Farm Succession: Human Resources For Transition Planning”, September 30, 2020
- “Farm Succession: Conflict Management For Transition Planning”, December 18,2020
- “Farm Succession: Business Governance For Transition Planning”, January 26, 2021
- "Farm Succession: Business Entities", February 24, 2021
More information from the Purdue Farm Transition Team can be found here and resources from the Purdue Institute for Family Business can be found at https://purdue.ag/fambiz and don’t forget to follow and subscribe to the farm succession planning YouTube channel.
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Margaret Lippsmeyer presented during agri benchmark’s 2024 annual conference in mid June, which was hosted by the Spanish Ministry of Agriculture in Valladolid, Spain. An increase in soybean acreage may come from either (a) shifting away from continuous corn rotations to corn-soy and (b) shifting corn-soy rotations toward corn-soy-soy. Based on agri benchmark data, Margaret showed that option (a) would require an increase in soybean prices of 6% and option (b) of 8% to make these rotations preferable over existing ones.
READ MOREUPCOMING EVENTS
Two outstanding farms in east-central Indiana will host visitors wanting to learn about farm and crop management on July 17th for the Purdue University Farm Management Tour. The Indiana Master Farmer reception and panel discussion will follow.
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