The EntreLeadership Podcast
Is My Team Taking Advantage of Me?
Apr 22, 2024
The podcast discusses compassion fatigue in a business owner, AI's impact on businesses, overcoming discouragement from debt, and Dave Ramsey's management pay. It also covers setting boundaries in business, adapting to technological changes, and navigating challenges in different industries.
01:00:32
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Quick takeaways
- Implementing profit-sharing can align incentives and drive mutual success in business partnerships.
- Establishing transparency through profit-sharing promotes trust, alignment, and collaboration between leaders and owners.
Deep dives
Compensating Leaders in a Small Business
In a portable building manufacturing company that produced 330 buildings in a year with $2.75 million in sales, the owner is considering how to compensate a leader who is taking on expanded responsibilities. The plan involves profit-sharing to incentivize the leader to run operations efficiently while holding expenses down and increasing profits. By sharing 10% of the net profits with the key leader, the company aligns the leader's incentives with scaling the business effectively.
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