Virginia Tech academic Dr. David Kohl joins host John Haskell on the podcast today to discuss key factors and commonalities for successful farmers and ranchers. He emphasizes the importance of developing a monthly or quarterly cash flow plan, which he refers to as the REM factor (respond, execute, monitor), as well as regenerative practices for both resources and personal well-being. He highlights the significance of setting goals, introduces the 60-30-10 principle in finance, and the necessity of a risk management plan and community investment.

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In this episode, we cover:

• Dr. Kohl's extensive experience both in academia and running a 25-year-old cow-calf hay operation and dairy creamery
• Taking ownership of numbers, developing a cash flow plan, and understanding the operational plan
• The dangers of lifestyle creep and the importance of allocating time and resources effectively
• The need for age-friendly livestock systems and prioritizing mental, physical, and spiritual health
• The importance of having a risk management plan, including crop and livestock insurance, and investing back into the community

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• Wally Olson, Olson Ranch LLC

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