• 278 - How Much Should You Pay Yourself?

  • Nov 5 2024
  • Length: 32 mins
  • Podcast

278 - How Much Should You Pay Yourself?

  • Summary

  • In this episode, you'll discover:

    • Fully-Loaded Books is the requirement of a Remarkable Business
    • How should you ACCOUNT for your Compensation on your books?
    • How to arrive at a TRUE Profit and Profit Margin
    • Understand the difference between Direct and Indirect costs in your business
    • Differentiate between COGS and COSD
    • Calculate owner’s discretionary earnings (ODE) or Seller's discretionary earning (SDE)

    Episode Highlights

    00:49 - The importance of discussing self-compensation which is often overlooked.

    02:34 - The necessity of setting up a compensation model that energizes the owner.

    04:01 - A look at the "Remarkable Money Metrics" as part of the vital signs and standards for business compensation.

    05:09 - The three ways that a business owner gets paid.

    08:01 - The importance of understanding business compensation regardless of your current level of knowledge.

    12:15 - Scenario 1 - A look at the framework for compensation in a million dollar practice.

    24:14 - Scenario 2 - A look at compensation in a $500,000 practice.

    28:09 - Scenario 3 - Compensation framework in a $750,000 practice

    29:59 - The importance of paying oneself right and using the provided framework to scale business compensation.

    Resources Mentioned

    Download your copy of the REM Money Metrics here: www.theremarkablepractice.com/podcast-ep278-moneymetrics

    To learn more about the REM CEO Program, please visit: http://www.theremarkablepractice.com/rem-ceo

    Subscribe to our newest podcast "Build Your Remarkable Practice" here: https://podcasts.apple.com/us/podcast/build-your-remarkable-practice-for-chiropractors/id1734107477

    Schedule a Brainstorming call with Dr. Pete

    Dr. Stephen’s LinkedIn

    Dr. Peter’s LinkedIn

    The Remarkable CEO Website

    Dr. Stephen’s Book –

    The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business

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