On this episode of Ranching Reboot, host Brian Alexander interviews Wally Olson, a successful rancher and founder of Ranching.FYI. Wally shares his story of growing up in ranching and how he got started in the business. He also shares valuable tips on how to start a successful ranching business.
According to Wally, creating a high cash flow business is crucial to starting a successful ranching business. He suggests focusing on understanding how to use leverage, paying attention to opportunity costs, and taking a ranching for profit school to learn how to track the business. Wally also advises buying small amounts of animals and selling them when they are overvalued to create cash flow.
Wally and Brian also discuss the importance of writing down agreements, understanding the value of cow depreciation, and the potential for making money through heifer development. They also emphasize the importance of managing taxes and retirement savings, as well as the potential for making money in a down cattle market.
The episode also covers the challenges of buying a ranch with cows and the importance of succession planning. Wally and Brian suggest an LLC system where one acre equals one share and the ranch can be transferred to blood or non-blood members. They also discuss the possibility of a livestock marketing school in Sun City, which could be a gamechanger for ranchers.
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