G
Guest-5ty5s4
Guest
I understand. That's how lots of businesses grow - by not taking profit to the owners. If you pay yourself everything, you won't have anything to invest on getting bigger.Thank you!
Ya that's what I need to spend some more time doing. My partner and I want to pay for as many things as possible to reduce our taxes but at the same time need a baseline for the employees to shoot for. If we start to take more because we're profiting more it's not really fair for their bonuses. I think we'll need to set our goals for things we want to write off, then find the profit percentage we were able to accomplish last year minus those expenses, then use that percentage as a baseline. There shouldn't be any bonuses for achieving the status quo from last year. The goal is for the employees to be vested to help improve the company and benefit along with the company.
Orrr we can separate our expense items completely in a different chart of accounts on the P&L. However that would be hard using QBO sending the automatic reports showing the profit percentages of the company (it would include the expenses even if they are separated out).
I'm just curious what the numbers are, because you could already be above $1 million per year when you add up all of the "seller's discretionary cash flow." Even if it isn't going straight to you
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today