Families can create policies without realizing it. A decision made about who can come into the business and when they can come into the business can develop into an expectation of how things will be done from then on, which then becomes a policy. In other words, it is an implicit policy and, as such,[Read More…]
Family Business
Conflict is present in almost every aspect of our lives: personal, business, family, community; the list goes on and on. Inherently, conflict is not good or bad. Conflict can be the fuel for change, a learning or leadership opportunity, or can bring issues that were otherwise ignored to light. Conflict only becomes unhealthy when it[Read More…]
It is something that those who work with farmers hear frequently: “I’ll never retire!” or “I do have a retirement plan; to die in the tractor!”. While those statements may seem humorous on the surface, they give insight to a deep-seated issue among farmers. Many farmers are simply disinclined to retire. In a recent survey[Read More…]
Grab your farm family and join the Purdue Succession Planning Team as we offer a three-day lunchtime virtual succession series! There will be presentations from Extension Educators and Specialists on “First Steps To Succession Planning” along with “Financial Feasibility of Farm Succession.” An attorney will also present at the workshop on the topic “Structuring[Read More…]
This article is the second in a series that covers risks and planning for farms and agribusinesses. The first article, Adapting and Planning for Farm Businesses in Uncertain Times, can be found here. When you hear the term “human resources”, do you automatically envision a large corporation’s department that manages benefits for many employees? Surprisingly,[Read More…]