April 26, 2021

Farm Succession: Contingency Plan

A contingency plan is a set of procedures that defines how a business will operate in the event that some sort of disruption to the business occurs. In this Purdue Commercial AgCast episode, the ninth in our Farm Transition Planning series, Dr. Maria Marshall and Renee Wiatt join Dr. Brady Brewer to discuss what is in a contingency plan, risks that a contingency plan can cover, and why having one is needed for a successful farm transition.

The companion episodes in this podcast series can be found at http://purdue.ag/successionplan:

“Farm Transition Planning”, June 24, 2020
“Farm Succession: Transitioning Business Management”, July 22, 2020
“Farm Succession: Feasibility of Adding A Family 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
"Farm Succession: Operating Agreements", March 17, 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.

TEAM LINKS:

PART OF A SERIES:

Farm Succession/Transition Planning Series

RELATED RESOURCES

Using the Long-Run Cash Rent Spreadsheet: When to Hold Them or Fold Them?

October 31, 2025

Farmers typically find that rental rates don’t adjust rapidly during a downturn and consequently they lose money on rented land. But most farmers don’t want to give up rented land even if it is not profitable because it is difficult to find another parcel to replace it. They continue to hold on to rented land waiting for better prices, lower costs, and/or higher yields. The fundamental question is how long can they delay the decision. In other words, when should they hold them and when should they fold them? This question has become even more relevant today, given the financial pressure currently faced by crop producers across the Corn Belt, including lower commodity prices, tighter margins, and higher interest rates.

Indiana Farm Income Outlook Report, Fall 2025

October 31, 2025

The Fall 2025 Indiana Farm Income Outlook, published by the Rural and Farm Finance Policy Analysis Center (RaFF), provides updated

Cover Crop Adoption: Results from 5 Years of Ag Economy Barometer Surveys

October 30, 2025

When thinking about the adoption of conservation practices, like cover crops, it is important to note two things. First, adoption

UPCOMING EVENTS

We are taking a short break, but please plan to join us at one of our future programs that is a little farther in the future.

POPULAR RESOURCES

2026 Crop Cost and Return Guide

September 16, 2025

The 2026 Purdue Crop Cost and Return Guide provides estimated costs and net returns for planting, growing, and harvesting corn, soybeans, and wheat in the upcoming year. Cost and return information presents information for low, average, and high productivity soils. Early projections point to slightly higher breakeven prices.

2025 Farmland Values & Market Trends

September 9, 2025

Purdue ag economists Todd Kuethe and Michael Langemeier as they discuss Indiana farmland values on this, the first of two episodes reviewing the 2025 Purdue Farmland Values and Cash Rental Rates survey results. The survey shows Indiana land prices continue to rise and are anticipated to continue a modest increase for the rest of 2025 for most of the state.

Farmland Prices Increase Despite Downward Pressure, Purdue Ag Econ Report August 2025

August 19, 2025

Indiana farmland prices have continued the trend of record highs in 2025, according to the latest Purdue Farmland Value and Cash Rents Survey results. The average price of top-quality farmland reached $14,826 per acre, a 3.0% increase from June 2024. Statewide, cash rents increased from 1.5 to 1.7% for poor-, average-, and top-quality land.

See What Others Like >>