Purdue Commercial AgCast

Farm Succession: Business Governance for Transition Planning

January 26, 2021

Adding on to our series about Farm Transition Planning, in this sixth episode, we focus on the importance of governance in a farm business. Having policies on who's in power, how decisions are made, and how to hold accountability among team members (especially when it comes to family) makes running a farm business easier. Purdue agricultural economists Brady Brewer and members of the Purdue Farm Transition team Renee Wiatt and Dr. Maria Marshall discuss the impact of governance in farm transition planning and give examples of decisions where it's important to have policies in place (in-laws, prenuptial, social media, employment and compensation). Find the rest of the episodes in this series at https://purdue.ag/3a5jXQb and more information on farm succession planning on the Purdue Institute for Family Business' YouTube channel.

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