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, recipient of the 2014 CEA TechHome Leadership Award, is co-founder of EH Publishing, producer of CE Pro, Electronic House, Commercial Integrator, Security Sales and other leading technology publications. She currently spends most of her time writing for CE Pro in the areas of home automation, security, networked A/V and the business of home systems integration. Julie majored in Economics at the University of Michigan, spent a year abroad at Cambridge University, earned an MBA from the University of Texas at Austin, and has never taken a journalism class in her life. She's a washed-up Ultimate Frisbee player currently residing in Carlsbad, Calif. Email Julie at firstname.lastname@example.org
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