Sweat Equity: How To Get It Right and Make It Fair | The Impact Farming Show | 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.   *********** 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/   *********** Thank You to our Show Sponsor Here at The Impact Farming Show, our goal is to bring our audience the people and ideas that will IMPACT their farming operation. We couldn't do it without the continued support of our sponsors that are committed to supporting our show and our shared vision of helping farmers succeed. Please take a moment to check out this week's show sponsor: BrettYoung     Canada's Largest Independent Seed Company - Learn More Here *********** SIGN UP If you enjoyed this episode, don't forget to sign up as an Insider so that you are first to know about all-new Impact Farming episodes, Expert Corner Segments, fantastic contests, and new promotions https://www.farmmarketer.com/impact_farming_show/sign-up