What do you pay yourself?

[poorboy]

farmers_son,

You mention that the owner of the Tim Hortons probably does not pay himself, but takes it out of the profits, which I agree with, and is probably true for most small businesses.

It is quite different if you are just a little bit bigger, where you have multiple owners like westjet has, or have common shares. In these businesses, even with 51% or more of the shares, you would actually pay yourself a wage or salary and then expect a return on your shares as well.

Hard to believe how much more earning power a large company has versus a small business.

[PureCountry]

I must say I'm with Wilson on this one. Quality of life is immeasurable, and we've gotten to the point now where we have the cows doing most of the work - finally. I'm still working off the farm of course, but that has more to do with our buying the farm from the folks, rather than the cows.

[greybeard]

My wife’s sister and her partner have a couple of very successful Tim Horton’s stores. They go in before 6 AM, 6 days a week and work about 60 to 70 hours a week. They are on call 24/7. They have about 60 employees, a problem as FS pointed out re: the KFC. We are very proud of her as she went to Saskatoon and worked as a waitress while taking her grade 12, totally supporting herself. Basically a self- made millionaire at age 40.But obviously, no time to spend the money. In order to have a business that successful, you have to manage it closely. Kind of a trap?
Now, if we are driving cattle or branding, etc. she drops everything to come and take part. . They seem to turn into big family events, enjoyed by all.
My nephew and her bought a good ranch horse to share. They soon found they both needed it at the same time. She came up to the Lazy S horse sale a couple of weeks ago and had a great time buying another.
Should I feel bad because I don’t go help her on busy weekends? Cowman, do you have family gatherings when out spraying leases?
I guess I’m saying our lifestyle looks very good to others

[rbrunel]

I farm with my dad and we are the first to get paid everymonth. We have a set salary and if it's a good year we may get a bonus. My bank had a problem with that, especially on a year when we lost money. I told him that when they lost money did he not still get paid? end of question. I figure that since we farm full time if our farm can't support the small labor force required then what is the point of doing it full time. I think the lifestyle is the perk/bonus, but some extra jingle is always nice