Yesterday I've selected a bunch of juvenile female guppies to move them to a grow out tank. I do use nets but I prefer to scoop them out by a sugar (coffee) spoon or by hand. By hand I'm sure I won't damage them. And it's fun... 
It's basically euthanizing fish that show poor genetics such as bent spine, colors, etc.What exactly does “culling” mean?
That's a bigger tank where fish that are still growing can have the space to grow up better than when kept in a more densed tank.So what is a grow out tank exactly? Just so I correctly understand the process.
It means "seperating". Not euthanizing. But yes, with certain kinds of animals the word "culling" will be associated with kiling them. But culling itself has got nothing to do with euthanizing. I my case, I won't kill them. They can go to a mutt tank or kept seperate for someone who's in favor for them. Or even an lfs who might be interested. Culled specimens don't have to be ugly, sick or deformed. They can be amazing beautiful specimens. But if they just won't meet up the characteristics or traits of their strain sufficiently, they will be culled.What exactly does “culling” mean?
You've put it well...Emerald king does something a little different, instead of killing them he just moves them to a different tank so they can live out their days without breeding with the good fish
Selling them as feeder guppies is just one of the options. Overhere when I'd sell them to an lfs, they'll sell them for the same price to the customer as those from a wholesaler. Only the rare and higher qualilty specimens will be sold for more. But an lfs will pay also more for my fish if the quality is higher or a rare breed.Most guppy breeders probably do not euthanize the fish, they instead sell them as feeder guppies. Would make sense from an economic viewpoint.