December 28, 2022

Production Risk Management & Contingency Planning

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In this second episode of a new series on Farm Risk Management, Jenna Nees, Ed Farris, and Michael Langemeier join Brady Brewer to discuss contingency planning for production risk. Minimizing risk through management practices, reducing production variability, and managing ways to transfer some of the production risk should be reevaluated every year. Implementing diversification, flexibility, vertical integration, and new technology while managing costs can help migrate risk for farms and agribusiness’. Having a written contract in place for production and marketing as well as carrying insurance are important strategies to transfer risk to a third party.

A Production Risk Checklist pdf can be found below.

Additional Resources:

Human Resource Checklist

 

This series is based on the Six Pillars of Farm Risk Management course, funded by the North Central Extension Risk Management Education Center. More information on contingency planning is on the Purdue Institute for Family Business’ website, https://purdue.ag/fambiz, under the Strategic Business Planning Focus Area tab.

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Brady Brewer

Brady Brewer

Ed Farris, Huntington County Purdue Extension Director, Extension Educator - ANR

Ed Farris

Jenna Nees, Extension Educator - ANR, Putnam County, Purdue Extension

Jenna Nees

Michael Langemeier

Michael Langemeier

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UPCOMING EVENTS

We are taking a short break, but please plan to join us at one of our future programs that is a little farther in the future.

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