Code Red: A Contingency Planning Tool

Imagine your family farm, small business, or family.  There is probably one individual who is the key person who knows all the details about your finances, leases, equipment, and more.  What would you do if disaster struck and that one person is no longer available to help?  Most likely, you will be flooded with emotions that cloud your thoughts and prevent you from thinking clearly.  You may struggle to know when the bills need to be paid, which accounts to use, when the leases need renewed, and more. There is where Code Red comes in.

Code Red is a contingency planning tool for farm families and business owners to store all their important documents to help ensure their entity continues after an emergency.  Not only does this program contain information about the business, but it also contains personal information.  The goal of Code Red is to be the "go to" file if something happens to a key member of the management team. This program can help farm families and businesses turn a code red situation into a code green and the business can continue to operate.

Code Red is a customizable Excel workbook made up of categorized worksheets that cover both Farm/Business and Personal Information.

Example Farm/Business Information

• Farm Business Structure: Ownership details, contact information, and share percentages.
• Farm Finances: Bank accounts, loans, lines of credit, and landlord information.
• Important Farm Documents: Locations and details of insurance policies, tax returns, land titles, deeds, and buy-sell agreements.
• Farm Business Contacts: Crop insurance agents, agronomists, equipment dealers, trust officers, and more.
• Farm Social Media: Login credentials for social media and other online accounts.
• Small Farm Inventory & Farm Inventory: A place to list farm equipment, supplies, their market value, and how they are owned.
• Farm Employee Inventory: A human resource inventory of who is employed, what are their responses, and where are their personnel files located.

Example Personal Information

• Personal Information: Basic information about each key family member.
• Social Media: Login credentials for your personal social media accounts.
• Business Contacts: Contact information for insurance providers, utility companies, attorneys, and license plate info.
• Power of Attorney: Who holds these roles and where documents are stored.
• Important Personal Documents: Where are documents stored, who wrote them, when do they expire.
• Non-Farm Personal Inventory: Information on real estate, vacation homes, time share, jewelry, cards, antiques.
• Personal Investments: Information on what stocks, bonds, IRA, and other financial investments you may have.
• Personal Medical Information: Contact information for your doctors along with information about your medications and allergies.
• Final Arrangements: Funeral home preferences, obituary ideas, cemetery plots, and special readings.

Because Code Red is built in Excel, it is fully customizable.  Don’t have a crop insurance agent? Remove that section and add a contact relevant to your operation.  The document also includes tips for securing sensitive information and suggestions for where to store the completed files so others can access them when needed.

Getting Started

Taking the first step is simple.  Access a copy of Code Red from Purdue Extension EDGE in Ag website: <https://ag.purdue.edu/department/extension/wia/codered.html>.

Start by filling out one worksheet at a time.  Don’t feel pressured to complete it all at once.  Use it as a guide for family discussions and planning meetings.  The questions in Code Red can spark meaningful conversations and help clarify roles and responsibilities as you work towards developing a succession plan.  Use Code Red as a tool to provide your family and business with the peace of mind it needs to handle those difficult situations that may arise in the future.