Business Owner, Pay Thyself (Revisited)
Azione dealer takes advice to heart, grants himself consistent paycheck.
“Pay yourself more money out of free cash flow,” he said back then.
At the time, Jon Myer of Myer Connex in Gaithersburg, Md., discussed his former business MyerEmco and told me about his “big plans for my big exit strategy.”
The big payout never materialized.
So he took Daniels’ message to heart this time around and started paying himself regularly last year, he told Azione dealers at the 2014 spring conference held last week in Las Vegas.
“Every month I take a distribution,” he says. “I keep it the same every month.”
Unlike many small business owners, he doesn’t forfeit his own paycheck when times are tough.
“I take the money out and put the crisis on the team,” he says.
As Daniels said two years ago, the practice of putting all earnings back into the company is akin to investing in a single stock. Who would dare take such a risk?
Not Myer. Not anymore.
RELATED: Business Owner, Pay Thyself
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Julie Jacobson is founding editor of CE Pro, the leading media brand for the home-technology channel. She has covered the smart-home industry since 1994, long before there was much of an Internet, let alone an Internet of things. Currently she studies, speaks, writes and rabble-rouses in the areas of home automation, security, networked A/V, wellness-related technology, biophilic design, and the business of home technology. Julie majored in Economics at the University of Michigan, spent a year abroad at Cambridge University, and earned an MBA from the University of Texas at Austin. She is a recipient of the annual CTA TechHome Leadership Award, and a CEDIA Fellows honoree. A washed-up Ultimate Frisbee player, Julie currently resides in San Antonio, Texas and sometimes St. Paul, Minn. Follow on Twitter: @juliejacobson Email Julie at email@example.com
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