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…]
Maria Marshall
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…]
Farms and agribusinesses are not immune to a variety of shocks and business disruptions that can occur. In fact, it could be argued that farms and agribusinesses are more vulnerable than many other small businesses. If you and or your spouse were to develop a life-threatening illness tomorrow, would your farm business be at risk[Read More…]
The Purdue Initiative for Family Firms (PIFF) is a new initiative in Purdue’s College of Agriculture, housed in the Department of Agricultural Economics. PIFF is an integrated research, outreach, and teaching program. It offers educational programs that address the major competencies needed for effective family business ownership and management. The goal of the initiative is[Read More…]