September 30, 2020

Farm Succession: Human Resources for Transition Planning

Adding to our series about Farm Transition Planning, in this fourth Purdue Commercial AgCast episode, we focus on the human resource side of succession planning. 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.

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

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.

TEAM LINKS:

PART OF A SERIES:

Farm Succession/Transition Planning Series

RELATED RESOURCES

The Role of Technology in Improving Farm Profitability | Commodity Classic 2025

March 12, 2025

Each year, numerous emerging technologies claim to boost your production, reduce input usage, or streamline your farm’s operations. However, the effectiveness of these technologies varies across different farms. Purdue ag economists James Mintert, Michael Langemeier, and Chad Fiechter examined how technology affects long-term farm growth and profitability, and share insights from farm financial records and farmer surveys during their 2025 Commodity Classic Learning Center Session on March 4, 2025. Watch the recording now!

Contingency Planning with Cash Flow Shortages

March 5, 2025

Contingency plans related to how to respond to changes in projected cash flows are important. Given the expected drop in crop prices this fall and wide variability in expected prices, it would be prudent for a farm to examine the sensitivity of their cash flow and repayment capacity to changes in crop prices. Using a case farm in southwest Indiana, Michael illustrates how contingency plans could be used.

Benchmarking Labor Efficiency and Productivity

February 6, 2025

Labor costs are one of the most prevalent costs on a farm. As such, farm managers need to evaluate whether they are utilizing labor efficiently and productively. One way to evaluate this issue is to use benchmarks created using data from similar farms. Labor benchmarks should include family and operator labor as well as hired labor.

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.

POPULAR RESOURCES

(Part 1) 2024 Indiana Farmland Values & Market Trends

September 11, 2024

Interested in the latest trends and insights on U.S. & Indiana farmland values? This AgCast episode shares insights from the Farm Sector Balance Sheet, USDA data collection methods, regional variations in land values, and the influences of factors such as interest rates and development pressures on farmland prices. Gain an in-depth understanding of trends, market dynamics, and future expectations for farmland values.

August 2024 PAER issue: Farmland Prices Increase Despite Downward Pressure

August 9, 2024

Indiana farmland prices have continued the trend of record highs in 2024, according to the latest Purdue Farmland Value and Cash Rent Survey. The average price of top-quality farmland reached $14,392 per acre, a 4.8% increase from June 2023. Average and poor-quality farmland also saw gains, with prices increasing 3.7% and 4.4% to $11,630 and $9,071 per acre, respectively.

Comparing Net Returns for Alternative Leasing Arrangements

August 7, 2024

Obtaining control of land through leasing has a long history in the United States. 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. Flexible cash lease arrangements provide a base cash rent plus a bonus which typically represents a share of gross revenue in excess of a certain base value or threshold.

See What Others Like >>

Center for Commercial Agriculture