May 21, 2021

Farm Succession/Transition Planning Series

An eleven-episode podcast series on farm succession/transition planning. Purdue ag economists Brady Brewer hosts members from the Purdue Farm Transition team and the Purdue Institute of Family Business to discuss topics related to succession planning and ownership and management transitions on the farm business. Whether you’re in the early thinking process or more than half-way through the transition, there’s something here for everyone to learn and take home to the farm business.

ARTICLES WITHIN PUBLICATION:

Farm Transition Planning

June 24, 2020

Maria Marshall, professor and director of Purdue’s Institute for Family Business, joins Brady Brewer to discuss farm succession planning. They answer why it’s important to start planning both a management and an ownership transfer ahead of time, who to have on your team of advisors, and the things you can do to start to prepare.

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Farm Succession: Transitioning Business Management

July 22, 2020

Following our episode about Farm Transition Planning, we now take a closer look at some of the key areas of forming and executing a farm succession plan. To kick this series off, Purdue Agricultural Economists Michael Langemeier and Brady Brewer cover the topic of transitioning management of a farm from one generation to the next.

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Farm Succession: Feasibility of Adding a Family Employee

August 20, 2020

Adding to our series about Farm Transition Planning, in this third Purdue Commercial AgCast episode, we discuss how to evaluate if the farm can add an operator or hired employee.

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Farm Succession: Human Resources for Transition Planning

September 30, 2020

Keeping the farm business running between generations and management tiers can be difficult, but job descriptions and keeping open communication is key. Purdue agricultural economists Brady Brewer and members of the Purdue Farm Transition team Jenna Nees, Denise Schroeder, and Kyle Weaver discuss the importance of having a strong HR strategy and some common issues that many farms face as they transition management roles.

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Farm Succession: Conflict Management for Transition Planning

December 18, 2020

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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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: Business Entities

February 24, 2021

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 business entities.

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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: Contingency Plan

April 26, 2021

Planning for the unexpected helps the farm business continue and thrive when life throws a curve. 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.

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Farm Succession: Retirement Planning

May 20, 2021

In this Purdue Commercial AgCast episode, the tenth in our Farm Transition Planning series, Purdue ag economists Brady Brewer discusses retirement planning with the Purdue Farm Transition team, Kelly Heckaman, Jeff Pell and Denise Schroeder.

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Farm Succession: Non-Family Transfer

July 28, 2021

In this Purdue Commercial AgCast episode, the eleventh in our Farm Transition Planning series, Purdue ag economists Brady Brewer discusses transferring the farm to a non relative with the Purdue Farm Transition team, Dr. Maria Marshall, Director of the Purdue Institute of Family Business and Renee Wiatt, Farm Business Management Specialist, and Dr. Julia Valliant of Indiana University, Research Scientist with the Ostrom Workshop.

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RELATED RESOURCES

Farm Succession: Exiting the Business In a Timely Manner

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Exit Strategies slidedeck presentation by Michael Langemeier given in Salem on March 25, 2022.

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Measuring & Analyzing Farm Financial Performance

October 28, 2020

Compute accrual net farm income, and key financial ratios and repayment capacity measures from Schedule F information and beginning and ending balance sheets.

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UPCOMING EVENTS

Monthly Corn & Soybean Outlook Webinar Series

Webinar each month following USDA’s release of the updated World Agricultural Supply and Demand Estimates (WASDE). Catch the next monthly update on July 13th for the corn and soybean outlook following release of USDA’s July Crop Production and World Agricultural Supply and Demand Estimates (WASDE) reports. Registration is free.

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May Corn & Soybean Outlook Update

May 16, 2022

Recorded May 16 | Purdue ag economists discussed the corn and soybean outlook following USDA’s May World Agricultural Supply and Demand Estimates (WASDE) report and provided implications for crop marketing strategies.

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Comparing Net Returns for Alternative Leasing Arrangements

August 4, 2021

A west central Indiana case farm is used to illustrate net returns to land derived from crop share, fixed cash rent, and flexible cash lease arrangements. Leases on agricultural land are strongly influenced by local custom and tradition. However, in most areas, landowners and operators can choose from several types of lease arrangements.

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Indiana Farmland Prices Hit New Record High in 2021

July 26, 2021

It is safe to say that the last year was unlike any other in recent memory. The COVID-19 pandemic caused significant disruption to our lives and the global economy. Surprisingly, many of the current economic forces put upward pressure on farmland prices.

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