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Human Resources & Labor
A series of financial management articles that examine financial statements and financial analysis. Financial management involves the evaluation of liquidity and solvency, financial planning, acquisition and use of financial resources, asset purchases and farm growth, and relationships with agricultural lenders.
Read MoreKeeping 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.
Read MoreAdding to our series about Farm Transition Planning, in this third Purdue Commercial AgCast episode, we discuss how to evaluate if the farm can add an operator or hired employee.
Read MoreAs a farm expands, it is important to evaluate the feasibility of adding an operator and/or hired employees as well as the feasibility of purchasing or renting additional land, and machinery and equipment. The feasibility of augmenting labor on a farm depends on two critical factors: gross revenue and profitability.
Read MoreAssessing management skills is an important part of benchmarking farm performance and figuring out where improvements may be needed.
Read MoreWe suggest that when family businesses practice a culture of collaboration, they will operate more efficiently. In this article, we describe what is meant by collaboration and encourage family businesses to create a culture of collaboration within their firm.
Read MoreRetirement planning is always challenging but can be especially complicated if you own your business, work for a family business, or are self-employed. Copreneurs (those who own a business with their spouse) have especially complicated situations since the financial wellbeing of both individuals is linked to the business.
Read MoreFairness should be important in any business, but does a family’s definition of fairness affect income, profit, and tension in the business?
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