April 26, 2021

Farm Succession: Contingency Plan

A contingency plan is a set of procedures that defines how a business will operate in the event that some sort of disruption to the business occurs. In this Purdue Commercial AgCast episode, the ninth in our Farm Transition Planning series, 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.

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

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.

TEAM LINKS:

PART OF A SERIES:

Farm Succession/Transition Planning Series

RELATED RESOURCES

Financial Stress on Crop Farms: Who Is Most at Risk in the 2024–26 Downturn?

September 3, 2025

Midwest crop producers have experienced a significant downturn in corn, soybean, and wheat prices since late 2023, resulting in a drop in net returns in 2024. Moreover, current expectations are that prices will continue to remain at or below the cost of production for at least a couple more years. Consequently, a key question being asked is as follows: “Who is the most vulnerable financially during this downturn”?

Factors Impacting Farm Growth

September 3, 2025

This article presents results from a recent survey pertaining to farm goals, and discusses the relationships between farm growth, farm goals, producer sentiment, and farm characteristics.

Farmer Sentiment Weakens as Producer Confidence in Future Wanes

September 2, 2025

Farmer sentiment dipped again in August as the Purdue University/CME Group Ag Economy Barometer Index fell 10 points to 125. Producers were markedly less optimistic about the future in August as the Index of Future Expectations dropped 16 points to 123. This was the lowest reading for the future index since last September. Purdue ag economists James Mintert and Michael Langemeier share insights into the results of the August 2025 survey, conducted from August 11-15, in this episode of the Purdue Commercial AgCast.

Purdue Flexible Lease Workshop

September 16 at 7 pm or September 23 at 9 am

The Flexible Lease virtual Workshop, presented by the Purdue Extension Land Lease Team, will include a presentation and discussion to help you decide if a flexible land lease arrangement is right for your farm.

2025 Indiana Farm Custom Rates

April 17, 2025

The rates reported in this publication were compiled from questionnaires received from farmers, farm owners, farm custom operators, and professional farm managers in Indiana during the last month of 2024 and the first three months of 2025. Respondents were asked to report custom rates they had either paid or received during the past year.

(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.

See What Others Like >>

Center for Commercial Agriculture