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Do you have a systematic way of taking profit out of your business ?

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Pete Mack

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Jul 25, 2021
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I didn't have a systematic way of paying myself for many years running my business. I was a spend-a-holic !
Then I discovered Profit First and that book gave me a good slap about the head. I knew I had to make radical change and I did.

But I'm shocked by the lack of reward many business owners seem content with in their businesses. The "plough profits back" into the business mentality, people spending $24k per year on a coaching program for 2+ years and still only drawing out a pittance for themselves AND thinking that they're doing well !?

Do you systematically pay yourself AND draw profit out of your business?
 

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WJK

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I don't pay myself a salary. We don't personally need much these days. I tend to be a minimalist and I'm a terrible consumer. I've gotten so that I hate to shop.

But, I spend piles of money out of my business to do projects and take care of needs. I've done all the linguistics over the years -- run down and purchased the pieces, parts, and materials for all of the projects and business operations. Doing that job and managing the projects has allowed me to control my cash.
 

Ravens_Shadow

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I follow profit first and draw 15% of all revenue each quarter. Makes for some fat dividend payments.
 

thechosen1

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Salaries for owner(s), occasional bonuses. You can also do a stock sale in some instances
 

ljean

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I draw a small salary to pay SE taxes and take the rest as dividends whenever it piles up and the biz cant deploy.
 

Antifragile

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I just take it if the company doesn’t need it.
Literally this. And yes, I have a “salary” just to maximize my tax advantage. The rest is dividends for anything that’s “extra” and company doesn’t need.
 

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