January 26, 2021

Farm Succession: Business Governance for Transition Planning

Adding on to our series about Farm Transition Planning, in this sixth episode, we focus on the importance of governance in a farm business. Having policies on who’s in power, how decisions are made, and how to hold accountability among team members, especially when it comes to family, makes running a farm business easier. Purdue agricultural economists Brady Brewer and members of the Purdue Farm Transition team Renee Wiatt and Dr. Maria Marshall discuss the impact of governance in farm transition planning and give examples of decisions where it’s important to have policies in place (in-laws, prenuptial, social media, employment and compensation).

 

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 Succssion: 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

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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