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Succession Planning & Empowering the Next Generation [episode 45]

  • ranchrightllc
  • May 13
  • 3 min read

header graphic for introduction to ranchonomics episode 1

Listen to Succession Planning & Empowering the Next Generation on: Apple Podcasts | Spotify | Your platform of choice  



In today’s episode, host John Haskell welcomes back Kim Barker and Wally Olson to discuss the challenges and strategies of bringing the next generation back to the family ranch, as well as the process of succession planning in agricultural operations. They dive into the importance of aligning personal values when teaching and transitioning responsibilities, and differing priorities across generations can shape the future of the family business. Additionally, they discuss leveraging leased land versus purchasing land, creative income streams such as Airbnb, and the importance of promoting an environment of open communication.


In this episode, Succession Planning & Empowering the Next Generation, we cover: 

  • Succession planning and bringing the next generation home

  • Creating value and decision-making for returning family members

  • Adapting ranch operations to the younger generations' goals

  • Learning from mistakes and fostering open communication


Meet Wally Olson:

Wally Olson is a firm believer in helping place an old head on young shoulders. Wally teaches cattle marketing schools and loves to help young people get started in ranching. For more information about Wally and to hear his story of ranching and learning visit his website www.olsonranchllc.com


Meet Kim Barker:

Kim Barker is a seasoned rancher based in Woods County, Oklahoma, near Waynoka. His operation includes cow-calf, sheep, and direct market beef, lamb, and chicken. Kim has been practicing cell grazing since 1990 and is currently in the process of transitioning the management of the ranch to his daughters. Kim continues to play a key role in his agricultural community, currently serving as the chair of the Oklahoma Grazing Land Coalition.

  

Resources & Links: 

 

Connect with Ranch Right, LLC: 

Connect with Wally: 


Related Episodes:  

 

More about the Ranchonomics podcast:  

Welcome to Ranchonomics, where we empower you to build a better ranch and transform your operation into a thriving business. This podcast is brought to you by Ranch Right LLC, and together we will look at essential strategies, mindsets, and processes needed to take command of your financials and master the business metrics that make all the difference. If you are ready to start winning at ranching, then you are in the right spot. 


With each episode of Ranchonomics, you will hear inspiring success stories, gain simple yet powerful financial literacy tips, and listen to insightful interviews with industry experts and real-life practitioners. 


Whether you are a seasoned rancher or just starting out, we believe that managing a ranch shouldn't mean drowning in paperwork or missing out on valuable opportunities. Our mission is to help you see the link between your daily ranching operations and your financials that allow you to go from chaos to clarity and achieve your goals. 


Join us as we explore the intersection of ranching and finance, helping you understand your numbers and make informed decisions that propel your business forward. 

Subscribe now and start your path to a more profitable, less stressful ranching experience with Ranchonomics. It's time to harness the full potential of your operation. 

 

 

Make sure to hit subscribe/follow so you never miss an episode! 

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