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business planning

Should Sweat Equity be Used to Compensate a Returning Family Member?

Sweat equity may arise when an on-farm heir is paid less than their true opportunity cost to work for the business and/or the business has grown substantially due to the abilities and efforts of the on-farm heir.

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Family Business as a Competitive Advantage​​​

Recorded January 31, 2017 | James Mintert, Maria Marshall and Renee Wiatt talk about the competitive advantage of the family business and introduce the Purdue Institute of Family Firms.

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​Putting a Value on Sweat Equity in the Farm Business

Recorded August 23, 2016 | Michael Langemeier and Purdue Extension’s Denise Schroeder discuss how to divide business income between generations on a family farm and provide a simplified approach to valuing “sweat equity” in the family farming business.

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The Family Business: Identifying A Successor

There is a large gap between a business owner’s desire for their business to continue and actually taking concrete steps to establish a plan for continuity (De Massis et al. , 2008; V enter et al. , 2005). The Family Business Succession Survey (Marshall et al., 2012) indicated that more than 55% of family businesses…

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Strategy & Business Planning for the Progressive Farm Business

Recorded June 8, 2016 | A discussion on strategy and business planning details for your farm business.

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​Identification of Unique Resources

It is pertinent to discuss resource based theory of the firm. This theory can help explain why farms are different. In general, differences among farms are the result of differences in prices paid for inputs, the availability and ability to take advantage of niche markets, differential learning or organizational structures, or differential strengths and resource endowments.

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Capturing the Upside & Buffering the Downside

Recorded November 30, 2015 | Key management strategies farmers can use to successfully manage their farms during the economic downturn in agriculture.

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Strategic Positioning: Focus vs. Flexibility

The mantra of almost all strategic planning discussions and recommendations is that a company cannot be all things to all people – – it must be focused in its choice of customers and how it will create value for those customers.

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Strategic Decisions: You Can’t Always Be Right

No matter how well informed you are, how careful you have been in specifying the problem, how much data and information you have collected, how systematic you have been in the decision process, it is possible you will make a mistake – a wrong choice.

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Managing in Turbulent Times: Positioning to Capture the Upside, Buffer the Downside

Risk dominates the farming sector, and most farmers try to reduce or manage/mitigate the risks they take. Risk is perceived by most to be “bad” – – something to be avoided.

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