Sweat Equity on The Farm: How to Get It Right and Make It Fair w/Michael Langemeier | Episode 251

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Sweat Equity on The Farm: How to Get It Right and Make It Fair w/Michael Langemeier | Episode 251

In this week’s episode, Tracy speaks to Michael Langemeier in this episode titled “Sweat Equity on The Farm: How to Get It Right and Make It Fair.”

So what is sweat equity?

Sweat equity is a form of compensation that considers that few farms have adequate cash-on-hand to fully compensate the next generation’s labours.

And in this week’s episode Michael and Tracy speak about this often-tricky subject:

• What is sweat equity and why does it occur?
• Michael discusses the connection between farm profitability, accepting a returning family member, and sweaty equity.
• How can we measure sweat equity for estate planning?
• He shares the two main dilemmas that arise when calculating sweat equity.
• Dilemma #1 – treating each child fairly
• Dilemma #2 – Increases in farm equity
• Michael shares other factors that may affect the calculation.

If you are considering a sweat equity arrangement on your farm, you won’t want to miss this week’s episode.

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* Disclaimer - As always, this information is not intended to provide business or medical advice. To ensure that your own circumstances have been properly considered and that action is taken based on the latest information available, you should obtain professional advice from qualified business or medical professionals before acting on any of the information in this post.
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Show Resources

Purdue University - https://ag.purdue.edu/department/agecon/extension/extension-resources.html

Purdue Commercial Ag Learning Centre: https://ag.purdue.edu/commercialag/home/team/michael-langemeier/

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Thank You to our Show Sponsor

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Please take a moment to check out this week's show sponsor: BrettYoung



Canada’s Largest Independent Seed Company - Learn More Here

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Show Guest

Michael Langemeier
Associate Director, Center For Commercial Agriculture And Professor, Department Of Agricultural Economics | Purdue University

Michael Langemeier joined Purdue University in July 2012. Michael’s Extension and research interests include cropping systems, benchmarking, strategic management, cost of production, and technical and economic efficiency. Most of Michael’s research has focused on the efficiency of farms and ranches, and crop and livestock enterprise production costs and efficiency. He has also conducted research related to tillage systems, biomass crops and the tradeoff between crop rotation profitability and water quality.

Prior to arriving at Purdue, Michael spent 22 years in the Department of Agricultural Economics at Kansas State University. In addition to working on Extension and research projects, Michael taught courses in economic theory and farm management and worked closely with the Kansas Farm Management Association. He also conducted workshops for feed mill managers, emphasizing the importance of tracking financial performance, benchmarking and capital budgeting.

Connect with Michael Langemeier - LinkedIn / Website 

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The Impact Farming Show

Welcome to Impact Farming, Farm Marketer's video and audio show dedicated to helping Canadian farmers excel in the business of farming. Our goal with this show is to introduce our audience to the people and ideas that are going to make an IMPACT on their farming operation. 

Show Host - Tracy Brunet
CEO of Farm Marketer 

Tracy and her husband are cattle ranchers in South East, Manitoba. As host of the show, primary producer and agvocate, Tracy is passionate about helping farmers succeed in the business of farming. 

In each episode, Tracy chats with today's most successful farm advisors and industry leaders to bring our audience the best and most important ideas. 

Connect with Tracy Brunet - Twitter / Facebook / Instagram / Linked in

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