Episode 205: Profit vs Owner's Salary - Business Tip of the Month with Hal Denbar of National Pool Partners
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Episode Summary:\\xa0
In this edition of Business Tip of the Month, we\\u2019re joined by NPP\\u2019s President of Texas Hal Denbar.\\xa0
Listen in as Hal breaks down the important but often misunderstood distinction between making a profit and paying yourself as a business owner.\\xa0
He also explains the advantages of having an accountant and how to build a healthy pool business using the profit-first model.\\xa0
Topics Discussed:\\xa0
- 01:14 - Defining the problem\\xa0
- 02:37 - Profit versus owner\\u2019s salary\\xa0
- 04:29 - The advantages of having an accountant\\xa0
- 05:12 - Misconceptions around profit and salary\\xa0
- 07:18 - Making it a habit to check your numbers\\xa0
- 10:57 - Using the profit-first model\\xa0
- 15:55 - Determining how much to pay yourself\\xa0
- 18:18 - What counts as a \\u201chealthy\\u201d pool business