March 17, 2021
Farm Succession: Operating Agreements
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.
The companion episodes in this podcast series can be found here:
- “Farm Transition Planning”, June 24, 2020
- “Farm Succession: Transitioning Business Management”, July 22, 2020
- “Farm Succession: Feasibility of Adding A Farmily 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
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
Producers continued to express concern about farm finances as the June Purdue University/CME Group Ag Economy Barometer recorded a 6-point decline in farmer sentiment to 113.
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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.