July 28, 2021
Farm Succession: Non-Family Transfer
Many farms are not large enough or the next generation may not be interested in the farm business. Some farms may look outside their own family for non-related parties to bring into the farming operation. 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. Finding a successor, determining a transition plan for the operational business and/or the land, and structuring the transfer process are discussed by the team on this Purdue Commercial AgCast episode, the eleventh in our Farm Transition Planning series.
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
- “Farm Succession: Contingency Plan”, April 26, 2021
- “Farm Succession: Retirement Planning”, May 20, 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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