Should We Share the Profits With the Team?

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  • Опубликовано: 4 июн 2024
  • Should We Share the Profits With the Team?
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Комментарии • 162

  • @josh2711
    @josh2711 Месяц назад +48

    Just give them bonuses. People will struggle with pay dropping from a bad year, but a fat bonus on a good year will keep morale high without people raising their monthly bills to what they think is guaranteed income.

  • @LuisFernandez-dz7ms
    @LuisFernandez-dz7ms Месяц назад +45

    I do this. It has been a complete game changer with culture. Everyone’s goals are aligned and we are getting all our competitor’s best talent. We give everyone an equal share of 20% of the net profits at the end of the year.

    • @roshunepp
      @roshunepp Месяц назад +7

      Can I work for you? Lol

    • @LuisFernandez-dz7ms
      @LuisFernandez-dz7ms Месяц назад +8

      @@roshunepp if you are willing to move to Phoenix, AZ! We are hiring 😄

    • @Emanuele-mw8hc
      @Emanuele-mw8hc Месяц назад +3

      What do you do as a business? Just out of curiosity

    • @LuisFernandez-dz7ms
      @LuisFernandez-dz7ms Месяц назад

      @@Emanuele-mw8hc residential air conditioning

    • @nivekoldagyz1349
      @nivekoldagyz1349 Месяц назад +2

      @@LuisFernandez-dz7ms as another commenter said, what is your business?

  • @Wilkwayadventures
    @Wilkwayadventures Месяц назад +44

    I think most people would gladly accept a $75,000 a year raise, along with a path toward more.

    • @ExposerTruth.
      @ExposerTruth. Месяц назад +7

      That'll backfire on the very first bad year so no. It'll fuck them hard with no job from just a bad couple of quarters....doing a bonus is better imo. Fat bonus leaves them happy without the expectation of that same thing every year unless that same work and results are produced

  • @theslowevo9303
    @theslowevo9303 Месяц назад +173

    Share your profits with the guys doing the actual work. No just the sales guys.

    • @The1JBanks
      @The1JBanks Месяц назад +18

      All the guys doing the work are subs who have already contracted a set price. They are not employees of the builder. The builder is nothing but sales people, selections ladies, and then actual builders with a builder supervisor.
      None of the guys that do the work are employed by this guy.

    • @angelica7236
      @angelica7236 Месяц назад +2

      Exactly 💯

    • @ugabuga1361
      @ugabuga1361 Месяц назад +4

      The hardest working, most stressful job at a car dealership are the sales jobs. Hahaha everyone hates the salesman cuz they wear nicer clothes

    • @theslowevo9303
      @theslowevo9303 Месяц назад +9

      @@The1JBanks well he said he has 25 employees yet only wants to bonus 2 of them

    • @Seanpfree
      @Seanpfree Месяц назад +3

      💯 how execs think. I'm in sales for this exact reason.

  • @TheDjcarter1966
    @TheDjcarter1966 Месяц назад +11

    Dave point is valid even though he cant do math, paying off of meeting goals is commision, paying off the bottom line is profit sharing. For South Carolina sounds like these guys are making pretty good money, I would be more tempted to just start giving bonuses to everyone, let everyone know its not set and dependent on profits but if there are 8-10 guys at that location putting $1,000 in everyone check every six months would get you more bang for your buck, and maybe that is $2,500 for the managers.

  • @timothyhorine2570
    @timothyhorine2570 Месяц назад +8

    Pay those that bring anything to the table that helps the growth of the company

  • @Lionadmike
    @Lionadmike Месяц назад +31

    Considering a young mid income, short term minded person with constant need for cash, are these still worth investing into? I am new to all of these and have incurred so much losses, I am beginning to think I am not doing what is good for me but just following people blindly.

    • @GabbyMJ-md2rs
      @GabbyMJ-md2rs Месяц назад +1

      VENTURING into the trading world without the help of a profesionals, trading and expecting profit is like turning water into wine you would need a miracle...

    • @JackWilliams-hp5ip
      @JackWilliams-hp5ip Месяц назад +1

      It’s precisely at times like these that investors need to be on guard against the next certainty. You don’t have to act on every forecast. I will also suggest investors to get yourselves a financial-advisor that can provide you with entry and exit points on the shares/ETF you focus on.

    • @GabbyMJ-md2rs
      @GabbyMJ-md2rs Месяц назад

      Following you has been an amazing journey , you have shown me the best way to earn much better profits despite the bad economic situations, God bless you with more knowledge sonia campbell...

    • @RileyWilliams-lq3jh
      @RileyWilliams-lq3jh Месяц назад

      Great to see you guys talking of sonia, Trading on your own can be very dangerous i can testify to that. This woman changed the game for me

    • @Lionadmike
      @Lionadmike Месяц назад +1

      Any info on how i can liaise with her, i'm new at this

  • @craigrider9822
    @craigrider9822 Месяц назад +41

    5:41 10% not 1%?

    • @markw5805
      @markw5805 Месяц назад +5

      Thank you😂😂😂😂that was bugging me too

    • @JacobsNews
      @JacobsNews Месяц назад

      @@markw5805 wow you guys did so good

    • @ray5549
      @ray5549 Месяц назад +1

      Dave’s never wrong so he’d argue it till he’s red in the face

    • @semosancus5506
      @semosancus5506 Месяц назад +2

      Yeah and it completely changes the advice...

    • @JacobsNews
      @JacobsNews Месяц назад +1

      @@semosancus5506 it doesn't change the advice at all it just changes the percentage the guy's going to get $50,000 raise at the end of the day on a business with 1.5 million dollars and that's just one of the two businesses

  • @JTMoney333
    @JTMoney333 Месяц назад +23

    Wow. 2 margin increases. This is some insight into overinflated home prices.

    • @arnesbeganovic
      @arnesbeganovic Месяц назад +7

      Over inflation goes to sales, but lower quality goes to the construction team. The goal is: higher price, lower quality.

    • @sungear
      @sungear Месяц назад +3

      I get that they're in business to make money but this discussion makes me sick.
      Greed over quality.
      Probably very few employees are documented and paid a reasonable wage.

    • @JTMoney333
      @JTMoney333 Месяц назад

      @sungear totally agree. Some of these larger builders are just screwing people to get back losses from covid bs.

    • @LivingGrey
      @LivingGrey Месяц назад +1

      Welcome to every single major business you can imagine. It's about what are people willing to pay, not what is it actually worth. Think about different brands of car that essentially offer the same actual value but people pay for a name.

    • @farzana6676
      @farzana6676 Месяц назад

      ​@@sungear You should rather live in a commie country. This is a free country and a free market. You can setup your business however you like to.

  • @OwaisLone
    @OwaisLone Месяц назад +19

    Don't do it. Establish a bonus plan. Have the bonus depend on the performance of the location. Maybe split it 50-50. 50% bonus depends on entire business doing good and 50% depends on their location doing good. If they are taking home 150k today and you want them at 200, give them 35% bonus dependent on annual performance. If company hits it's targets and their location hits it's targets, they get to make 50k extra. Tweak numbers as you see fit.
    This structure can help all members and not just the suits in chairs creating an even more fair and team environment where everyone chips in as it helps everyone as a collective.

  • @randybrechbiel9748
    @randybrechbiel9748 Месяц назад +5

    I worked for a machine shop that made 2 million more than projected. They started to nit pick each department in October and our bonus was the same as the year before

    • @JGComments
      @JGComments Месяц назад +5

      I work for a big insurance company. Bottom line jumped from 500MM to a bill. Management was just as unhappy, didn’t give larger bonuses, got mad when it didn’t go up as much the next year. They actually refused to nominate ANY of the salespeople for outstanding performance, when in a typical year half a dozen people or so would have been recognized.

    • @frankcb11
      @frankcb11 Месяц назад

      @@JGCommentswonder if this is an upper management and owner issue. Like middle management got screwed too so they took it out on everyone.

    • @frankcb11
      @frankcb11 Месяц назад

      That sucks to do well and get worse treatment

  • @GNUBRAIN
    @GNUBRAIN 18 дней назад

    Dave I love your shirt. Where'd you get it? Thanks for all your videos.

  • @JGComments
    @JGComments Месяц назад +7

    You share the profits with the partners/owners who are building the business. You pay the employees a market wage, maybe a bonus for a good year.

  • @Tyrant1776
    @Tyrant1776 Месяц назад +6

    His business is small, a profit share would cost him nothing and incentivize growth and performance. Give the sales operations and marketing teams a bonus not actual profit sharing system. Each year they produce above what we expect to make they get a bonus, getting a 10k bonus is huge in moral.

    • @USMC6976
      @USMC6976 Месяц назад +3

      That is a concept many owners have trouble understanding.

    • @dmiretti
      @dmiretti Месяц назад

      It will cost them to run it the way it's described in the video. It's about a third of the total profit at that location

  • @Rolando91flores
    @Rolando91flores Месяц назад +27

    Sharing profits with the guys sitting in a cushy chair in AC and not the ones building the houses is crazy

    • @bobby9192
      @bobby9192 Месяц назад +9

      The ones in the cushy chair are the ones bringing in the orders for us guys to pull.

    • @sportagus3
      @sportagus3 Месяц назад +10

      @@bobby9192 He didn't say don't share with the guys in the chairs. He said sharing with the guys in the chairs while excluding the guys actually doing the backbreaking work is crazy.

    • @markw5805
      @markw5805 Месяц назад +4

      @@sportagus3Let’s be clear that the guys in the “chairs” did the back breaking work and took the risks to haves jobs for these others. They don’t have to share, but are trying to pass along the company instead of just shutting the doors when they retire.

    • @JacobsNews
      @JacobsNews Месяц назад +1

      @@markw5805 you read the comment wrong... the owner took risk and might have done back breaking work we really don't know.. most of them are just investors they never built houses .. the mangers and sales team might have done work but most of the time they are just sales guys that moved of to management or hired as management out of school

    • @fishmonger7020
      @fishmonger7020 Месяц назад +4

      @@markw5805You sound like a cushy chair guy.

  • @fungirl4027
    @fungirl4027 Месяц назад +3

    I wonder how the quality is on this build.

    • @ThePolypam
      @ThePolypam Месяц назад +1

      Probably just enough to get them through the guarantee period with minimum liability; then things start falling apart.

  • @kimc555
    @kimc555 Месяц назад +1

    If you are worried that your employees will leave and undercut your pricing - they likely will. This bubble you’ve created may not last, if you had some competition.

  • @glenchatelain3067
    @glenchatelain3067 Месяц назад +3

    Any of the scenarios dave mentioned sound great for the employee who will receive the offer. They get a real shot at contributing to the overall profitibilty of the company and are awarded their fair share on a percentage basis. All good but before you sign a no compete consider this. The owners decide in 5 years to sell the whole operation to a larger home builder. They walk away fat and happy but without equity you could end up out in the cold. The new company comes in and offers you a whole new pay plan that will be significantly lower than where you were.

    • @farzana6676
      @farzana6676 Месяц назад

      So, you include that the non compete will only be valid under the current ownership.

    • @glenchatelain3067
      @glenchatelain3067 Месяц назад

      Depends on how it's written. Devil is always in the details

  • @tomsassurance
    @tomsassurance Месяц назад +3

    It is not 1% it is 10%.

  • @myang8864
    @myang8864 Месяц назад +3

    Aren't non compete disclosures illegal now?

    • @allenlea4654
      @allenlea4654 Месяц назад +2

      Unenforceable not illegal.

    • @myang8864
      @myang8864 Месяц назад

      @@allenlea4654 that makes sense. So, pretty much they're powerless.

    • @JasonSpasoff
      @JasonSpasoff Месяц назад

      Non-compete and non-disclosures are two different things. Non-compete is going out to pasture, NDA's will still be alive and well.

    • @GDuncan8002
      @GDuncan8002 Месяц назад

      "Existing noncompetes for senior executives can remain in force under the FTC’s final rule."

    • @balancingfamilyhealthcaret8144
      @balancingfamilyhealthcaret8144 Месяц назад

      According to the FTC, the vast majority of non-competes will be invalid in September or October. Companies that have non-competes with workers must inform them that the non-competes are no longer valid. Companies will no longer be able to legally enter into new non-competes with workers at that time.
      This company doesn't sound like a non-profit (as they are considering profit-sharing), but the ban doesn't include non-profits as the FTC doesn't govern non-profits.

  • @Jenda-ld8dj
    @Jenda-ld8dj 28 дней назад +1

    So it boils down to either your company made too much profit (yes, there is such a thing) or you didn't share enough of the profit with your employees. Typical greed factor.

  • @OHSCrifle
    @OHSCrifle 28 дней назад

    Celebrate your success. Feed the subs or give them some money.

  • @lrb4
    @lrb4 Месяц назад

    If they’re your employee I would share some with them

  • @frankcb11
    @frankcb11 Месяц назад

    Share it with everyone that helped you make it.

  • @Nobodyofimportance2u
    @Nobodyofimportance2u Месяц назад +9

    Dave was out of his depth here

  • @tdub25
    @tdub25 Месяц назад

    Hope they don’t have a year with negative profit…..

  • @dustinadair7893
    @dustinadair7893 Месяц назад +5

    Pizza party! Woo hoo!

    • @mustangthings
      @mustangthings Месяц назад

      And a couple of those vanilla ice cream cups with the wooden stick!

    • @ThePolypam
      @ThePolypam Месяц назад

      Top of the shelf sarcasm. Brilliant! YOU get a bonus "like"!

    • @GDuncan8002
      @GDuncan8002 Месяц назад

      The hospital I work for gave us popcorn and a fountain drink. That was our yearly bonus.

  • @roshunepp
    @roshunepp Месяц назад

    Wow he really seems deflated to have to share the books with his partners. Just do salaries and a bonus percentage based on salary and not company profits.

    • @USMC6976
      @USMC6976 Месяц назад +2

      Because he's wanting to hide how much he's making off them. As if they don't already know.

    • @ThePolypam
      @ThePolypam Месяц назад

      Not partners. SA.

  • @user-gj6rl7po9q
    @user-gj6rl7po9q 16 дней назад

    Imagine your boss makes 20 plus million dollars and then he questions if his employees deserve that. Wow

  • @Seanpfree
    @Seanpfree Месяц назад +9

    All Owners are terrified of even their most trusted employees seeing the true amount of profit. This guy doesn't want his most talented trusted ppl seeing how much the owners make, let alone the ppl doing the actual work. Treated people like that is why i don't think his company will have success in the "legacy" stage.

    • @dawsonpurkett6246
      @dawsonpurkett6246 Месяц назад +3

      It’s tough. Most People don’t understand that they might’ve missed payments in earlier years, had tough months, years or don’t understand the debt and overhead aspect of business. Some work YEARS on their business and don’t see returns…. What makes those employees entitled to money that those years of sacrifice payed for???
      It’s hard. Contrary to popular belief, businesses is not for fair weather folks, or faint of heart. It takes commitment and vision and dedication.
      Might I add, those employees collect a check for even if that business makes 0…If they are netting $26 million, that’s a little different. I strongly believe in taking care of employees, especially if they earn their wage. If you take care of them, they will take care of you. Plus, if you don’t give them bonuses with net profits being $26 million, you’re just giving more money to uncle sam to send over to israel, pakistan, or the Clinton foundation.
      People want safety and a fat paycheck. Fat pay is associated with taking on risk. That’s not how it works. You cannot dodge accountability or not put money on the table and expect to make returns on it. Same with a bank account… you cannot make $100,000 a year in interest with $2 in your account. Showing people gross numbers when they don’t need to know specifics or don’t have an interest in a career with said company, can lead to jealousy, animosity and other terrible attitudes. Generally, it leads to poor performance, and profit decline.

    • @farzana6676
      @farzana6676 Месяц назад

      ​@@dawsonpurkett6246 Their net profits are not 26 million. Their sales was 26 million.
      Net profit was probably 5-10% of that.

    • @notsure7874
      @notsure7874 Месяц назад

      ​@@dawsonpurkett6246 It is hard. It's harder when people are used to hearing C suite cry about poverty on payday, then 3 days later bragging about record profits while snorting the "bottom line" off a strippers ass ...

  • @DudeDude491
    @DudeDude491 Месяц назад

    Damn 26K in profits way to go guys

    • @jgs1703
      @jgs1703 Месяц назад +2

      26 million, not 26 thousand.

    • @ThePolypam
      @ThePolypam Месяц назад +4

      26 million in revenue. Very different concept.

    • @jgs1703
      @jgs1703 Месяц назад +1

      @@ThePolypam the video made it sound like they profited 26 million.

    • @farzana6676
      @farzana6676 Месяц назад +1

      ​@@jgs1703 No he was clear when he said 26 million in sales.

    • @jgs1703
      @jgs1703 Месяц назад

      @farzana6676 thumbnail says they made 26 million amd the title of the video says should we share the profits with the team so it's actually pretty misleading and clickbaity but keep pretending you are some sort of super genius.

  • @cwsalmans
    @cwsalmans Месяц назад +1

    Bet they probably still just got a pizza party

    • @gregjones1339
      @gregjones1339 19 дней назад

      Your comment sucks. You're so jaded by pizza parties that you shit on a guy who is literally trying to give out extra money to his employees. Instead of being an asshole, thank the guy for thinking outside the pizza box in order to encourage more bosses to do so

  • @SWFLdevonhofer
    @SWFLdevonhofer Месяц назад

    That’s 10% not 1%…

  • @tbe0116
    @tbe0116 Месяц назад

    He needs to give them a fair percentage or else they will 100% leave and start their own thing. Especially if they are running everything.

  • @andycayton3433
    @andycayton3433 Месяц назад

    This guy's talking in circles. Why doesn't the caller just say, "Hi, I just wanted to tell my friends I called your show."

  • @erik1836
    @erik1836 Месяц назад +1

    You should - "encourage" people, strongly, to be better prepared when they call you - to give a SHORT, cogent synopsis of their problems.
    A distillation - that doesn't turn into a meandering, "Who struck John?" soliloquy, that obfuscates whatever point they are trying to make rather than clarifying it.
    I turned off this video, couldn't stand it, because I couldn't put up with his irritating lack of both clarity and organization of his story.
    If I were calling you, asking for advice, I would spend whatever time was necessary for me to write down EVERY single point I was seeking guidance from you regarding; do my best to write it out - every point - carefully and in a succinct fashion.
    Then, I would rehearse it and, in the process, listen to how the content actually played out when spoken and then?
    If it didn't do what I wanted and wasn't likely to get me what I needed AND just as importantly?
    Use your valuable time wisely - rather than waste it as, in my opinion, this guy did?
    Then, once I had spent the hour or more needed to affect that effect and felt confident that the resulting exposition of my quandary was precisely delineated and stated to elicit from you - in short order - an answer that was commensurate with your abilities and my efforts and needs?
    I would call you. I would not "wing it" and make a fool of myself in the process and waste your time.
    As Patton or was it Rommel said, "An ounce of preparation and planning will save ten gallons of blood."
    Or, words to that effect.
    If I were you and faced with speaking with this fellow who, albeit, is sincere but unprepared?
    I would say, "Sir, I am happy to do my best to help you with whatever problems you are calling about, but first? I want you to go back to your drawing board and spend time to properly organize your mind and presentation because, I don't have time to waste letting you do the thinking you should have done - before you dialed me - listening to you try to sort it out on the phone."
    If his thinking is this unfocused, it's actually amazingly he has a 26 million dollar business!
    I wouldn't let myself work for him, but then, I don't work for other people and almost never have in my entire life.

    • @ThePolypam
      @ThePolypam Месяц назад

      Some people just chance into profitable businesses. Not to mention the two layers of profit and the incentive for the builders to come in under budget puts the peril on the buyer who is paying a premium unawares.

  • @justanother9184
    @justanother9184 Месяц назад +3

    Dave.... 150k is not 1% of 1.5mil just saying. 10% is already a healthy share, I would just give performance bonuses at the end of the year personally buuuuut I am working failure number 4 sooo take no advice from me lol

    • @markw5805
      @markw5805 Месяц назад

      Plus those guys are making 1.5M above paying for their own salary, so it isn’t the same pot. I bet you the owner gets a salary and the company profit. He is trying to turn these guys into owners.

  • @justonemori
    @justonemori Месяц назад

    I wonder if this guy has ever said "nobody wants to work"?

  • @Algorithm.
    @Algorithm. Месяц назад +1

    150k is not 1% of 1.5mil lol

    • @recordingarchive1213
      @recordingarchive1213 Месяц назад

      both said right lol

    • @ironspider9280
      @ironspider9280 Месяц назад +1

      Yeah, it's 10% 😂

    • @ThePolypam
      @ThePolypam Месяц назад

      He also is shocked when callers say their net pay is about 65-70% of their gross salary, so percentages are not his forte.

  • @chipdiesel9788
    @chipdiesel9788 19 дней назад

    People wonder why they cant keep good employees

  • @flsupraguy
    @flsupraguy Месяц назад +7

    Share the profits as long as you share the liabilities...

    • @USMC6976
      @USMC6976 Месяц назад

      That would require a much greater share of the profits. This plan isn't really profit sharing, it's commissions.

  • @user-qb9ex8hc9o
    @user-qb9ex8hc9o Месяц назад

    Non-competes are illegal Dave 🙄

    • @GDuncan8002
      @GDuncan8002 Месяц назад

      "Under the FTC’s new rule, existing noncompetes for the vast majority of workers will no longer be enforceable after the rule’s effective date. Existing noncompetes for senior executives can remain in force under the FTC’s final rule."

  • @jeffreyrichardson
    @jeffreyrichardson Месяц назад

    williams walking stick
    clifton like doug they fell sick
    sharons diseased tick

  • @matthewfournier6478
    @matthewfournier6478 Месяц назад

    No. Keep it all. You did it all by yourself. And I am sure your guys didn’t help at all (sarcasm)

  • @byronrogers4489
    @byronrogers4489 Месяц назад +6

    If you dont share losses with the team, dont share the profits.