Fly fishing has long been a pass time of ranch owners in the Rocky Mountain West, from the average cattleman to billionaires like John Rockefeller. There seems to be no activity which better embodies the combination of leisure, ranch recreation and stewardship. In Colorado and Wyoming, fly fishing ranches fetch a premium on the market, and are limited in quantity. Thus, when exploring buying or selling a ranch with live water, it is important to consider multiple factors to ensure you maximize value out of the deal.