February 24, 2021

Farm Succession: Business Entities

Choosing a business entity is a key aspect in liability, taxation, capitalization, decision making, agricultural government payments, and transfer options for all farm businesses. When it comes time to transition your farm business to the next generation, whether your farm is set up as a sole proprietor, partnership, corporation, or LLC, how your business is structured will affect many aspects. Deciding on a business entity requires much thought and advice. In this Purdue Commercial AgCast episode, our seventh in our Farm Transition Planning series, Purdue ag economist Brady Brewer and members of the Purdue Farm Transition team Kelly Heckaman and Ed Farris discuss the impact of business structure in farm succession planning and give examples where it’s important to have structures in place that fit for your business.

 

The companion episodes in this podcast series can be found here:

  1. “Farm Transition Planning”, June 24, 2020
  2. “Farm Succession: Transitioning Business Management”, July 22, 2020
  3. “Farm Succession: Feasibility of Adding A Farmily Employee”, August 20, 2020
  4. Farm Succession: Human Resources For Transition Planning”, September 30, 2020
  5. “Farm Succession: Conflict Management For Transition Planning”, December 18,2020
  6. “Farm Succession: Business Governance For Transition Planning”, January 26, 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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RELATED RESOURCES

Farm Succession: Operating Agreements

March 17, 2021

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.

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Farm Succession: Business Governance for Transition Planning

January 26, 2021

Adding on to our transition planning series, in this 6th episode, Purdue agricultural economists Brady Brewer and members of the Purdue Farm Transition team Renee Wiatt and Maria Marshall focus on how and why to set up governance policies in a farm business.

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Farm Succession: Conflict Management for Transition Planning

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In this fifth episode of our series about Farm Transition Planning, we focus on conflict management – what is conflict, what causes it, how do we handle it within a farming business to come to a resolution.

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UPCOMING EVENTS

April Corn & Soybean Outlook Update

Join us Monday, April 12 at 3:30 p.m. EDT for an update on the corn and soybean outlook following release of USDA’s April Crop Production and World Agricultural Supply and Demand Estimates (WASDE) reports. Registration is free but necessary to receive the link to join live or get notice of the webinar recording.

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