The Remarkable CEO for Chiropractors 278 - How Much Should You Pay Yourself?
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
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Dr. Stephen’s Book –
The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business