July 28, 2021

Farm Succession: Non-Family Transfer

Tweet
Share

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:

  1. “Farm Transition Planning”, June 24, 2020
  2. “Farm Succession: Transitioning Business Management”, July 22, 2020
  3. “Farm Succession: Feasibility of Adding A Family Employee”, August 20, 2020
  4. “Farm Succession: Human Resources For Transition Planning”, September 30, 2020
  5. “Farm Succession: Conflict Management For Transition Planning”, December 18,2020
  6. “Farm Succession: Business Governance For Transition Planning”, January 26, 2021
  7. “Farm Succession: Business Entities”, February 24, 2021
  8. “Farm Succession: Operating Agreements”, March 17, 2021
  9. "Farm Succession: Contingency Plan", April 26, 2021
  10. "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.

Tweet
Share

TEAM LINKS:

PART OF A SERIES:

Farm Succession/Transition Planning Series

RELATED RESOURCES

Contingency Planning with Cash Flow Shortages

June 1, 2023

Contingency plans related to how to respond to changes in projected cash flows are also important. Given the expected drop in crop prices this fall, it would be prudent for a farm to examine the sensitivity of their cash flow and repayment capacity to changes in crop prices.

READ MORE

Financial & Risk Management Strategies for 2023 at Commodity Classic

March 10, 2023

Purdue ag economists James Mintert & Michael Langemeier shared key lessons from 2022 and help producers plan for the financial and risk management realities of 2023. Live from Orlando, Florida at the 2023 Commodity Classic Learning Center Session on March 9, 2023.

READ MORE

Financial Risk Management & Contingency Planning

March 2, 2023

Farming is never the same from year to year – sometimes prices are good, net farm income is high, and other times margins are tight. Planning ahead, or contingency planning for financial hardship is important for any farm operation. How to evaluate farm financials, update financial statements, analyze performance, and when borrowing makes sense.

READ MORE

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

2024 Crop Cost and Return Guide

September 13, 2023

The Purdue Crop Cost and Return Guide offers farmers a resource to project financials for the coming cropping year. These are the September 2023 crop budget estimations for 2024.

READ MORE

(Part 2) Indiana Farmland Cash Rental Rates 2023 Update

August 7, 2023

Purdue ag economists Todd Kuethe, James Mintert and Michael Langemeier discuss cash rental rates for Indiana farmland in this, the second of two AgCast episodes discussing the 2023 Purdue Farmland Values and Cash Rents Survey results.

READ MORE

(Part 1) Indiana Farmland Values 2023 Update

August 6, 2023

Purdue ag economists Todd Kuethe, James Mintert and Michael Langemeier discuss Indiana farmland values on this, the first of two AgCast episodes discussing the 2023 Purdue Farmland Values and Cash Rents Survey results. Each June, the department of agricultural economics surveys knowledgeable professionals regarding Indiana’s farmland and cash rental market.

READ MORE
See What Others Like >>