This is such a useful video, Chandler! Could you also share how profits are calculated in your company? Do you minus the expenses from the income and arrive at the profits or do you allocate a fixed % as the profit % every month and try to curtail your expenses to fund the profit (like what the Profit First system teaches)? Do you pay any other bonus component to the full-time employees if they achieve their KPIs? I'm asking this because what if the company is profitable and the individual is not meeting their KPI numbers or what if the individual is performing well but the company's profits are not great. Other than the sales team who get a commission on every sale they close, do you also recommend giving a referral fee to employees from other departments who bring in the customer?
🤣 can you please dammed down for people like me. I'll tell you what I heard when you started speaking about numbers and percentages at minute 5:35 I quote " $50,000 per month hdhakd ssdgsgdu bla, bla, bla, hotfs, 20 percent zygfds mishumichu, sizzarra,hhuoialkd 5 percent:
You all probably dont give a damn but does anybody know a trick to get back into an instagram account?? I was dumb lost my password. I would appreciate any tips you can give me
@Dayton Devin Thanks so much for your reply. I found the site through google and I'm in the hacking process now. Looks like it's gonna take a while so I will reply here later when my account password hopefully is recovered.
@@ChandlerBoltOfficial We already had a similar process in place but it was wrong in some ways. Problem was the salary consisted in mainly profit share distributed monthly, not with fixed salaries for some of our employees. The second issue was figuring out a way the we ca split the profit pool between the team members in a way that's fair to every individual, so based on that there were 3 big take aways for us: - Give them a big enough fixed part that they can live on and distribute the profit share at the end of the quarter. - Split the profit sharing pool percentage based on their individual fixed fee. (This was great because it's fair to everyone now - we didn't think of this because we didn't have those fixed parts) - New team members only join the profit sharing system after 3 months of staying with us. And since it was the end of the month we have already discussed the new structure with each and every one of them who take part in the profit share and they all love it. Thanks again, it really helped us!
Hi! I ran a Ballroom Dance Studio and all of my teachers have sliding scale depending on weekly amount of lessons taught. I would like to introduce profit sharing opportunity for them to retain dance teachers as long as possible. I think it’s a great tool. My question is the percentage of this quarterly profit sharing will be depending on each individual or company as a whole for profit for this quarter.? Or each of the instructors whatever they work get paid accordingly to the performance.
Brilliant idea! Structuring this way is a great way to motivate employees! Do your employees & the business have to pay taxes on the Profit share income?
When setting up a profit sharing plan shouldn’t we have also rules for years with losses? For example if that loss should be reduced from the following year profit?
Very Informative, I see an opportunity to make a renewable sustainable non polluting fuel that’s basically liquid hydrogen but it stores the same way as gasoline also it can be used in fuel cells. I want to sell shares as a way to get started on a small scale initially. What do you think?
I had a twist to that. My thought was to buy Real Estate with the profit and the money from developing properties be the shares that you would give out to the employers. So let's say that I start with one building and end up with 10 apartment complexes.
I came here because a company wants to hire me and help set up what I would like for a profit sharing plan. This was helpful, but I am more of a visual learner. White board and dry eraser marker goes a long way for me.
Great to hear! And thanks for the feedback. I'm trying to include more visuals in my newer videos. I'm also a visual learner. :) Good luck setting up the profit share! Hope this was helpful & let me know how it goes
What if you are not an employee but a company is offering $50,000 investment at $1/share + profit share payment. I’m not an employee so how would that work? Or is it even possible to work?
@@ChandlerBoltOfficial that it can be simple first, important for a small business, from what i understand setting up a true profit sharing requires special reporting and set up. For now, I will do monthly on the 15th after the previous month and set up as an extra payroll...see how it goes. :-)
@@ChandlerBoltOfficial one quick idea, how to figure out the right percentage of net profit (monthly) based on income statement and business, I feel like I'm guessing....
@@belleboxer007 good idea! I recommend 5% of profit to start with a floor of 10-15% company profit for the profit share to be paid out. It's much easier to go up than it is to go down
@@ChandlerBoltOfficial sure but like what are the consequences? There must be a reason you decided to only do 5% and I’d like to understand the thought process behind that
Hey friend! :) we are a team of multi-media creatives with collaboration strategy at the core of our expression! We could help with content creation of any kind!
This discussion is somewhat innumerate. However, it can be rationalized because the bozo logic will appeal to innumerate people, which is 95%+ of your workers, alas not the brightest 95%. If, on another planet with another species, we just wanted to pay everyone the largest take home (including retirement accounts) with the least taxes, then we would reduce salaries (which pay FICA) and maximize profit sharing, which does not pay FICA. You would essentially be committing to buy everyone up to the maximum 401k contribution ($69k or whatever it is, your personal year) instead of diverting some of that to salary just so your employee can pay FICA. Rationalize all you want, it is what it is, and that is what it is. Profit sharing is better than salary - this is before any discussion of the value of compound interest tax free on money in your retirement account vs. blowing it at Joes Bar with the buddies after work. Like I say, another planet; another species. Listening to this podcast, however, it seems the intent is to manipulate and motivate employees rather than enrich them or act in their fiduciary best interest, so you do you!
You just added MASSIVE value to my life! Thank you.
Where does this "profit share expense" get calculated on the financial reports?
Love that the KEY is EASY to understand. Especially when we are messing with people's money, the easier the better.
For sure
I value your ideologies and philosophies in business! Very refreshing to see ALSO extremely helpful and easy to digest. Thank You
Wow, thank you!
@@ChandlerBoltOfficialHow would you work out the % amount?
This is such a useful video, Chandler! Could you also share how profits are calculated in your company? Do you minus the expenses from the income and arrive at the profits or do you allocate a fixed % as the profit % every month and try to curtail your expenses to fund the profit (like what the Profit First system teaches)?
Do you pay any other bonus component to the full-time employees if they achieve their KPIs? I'm asking this because what if the company is profitable and the individual is not meeting their KPI numbers or what if the individual is performing well but the company's profits are not great. Other than the sales team who get a commission on every sale they close, do you also recommend giving a referral fee to employees from other departments who bring in the customer?
Its sounds like a headache and ge never answered you.
We where going to break the profit into 4.
1/4 divided by how many staff.
Evenly
Man you just made my day! I was wondering how to do that. Have a great day and GOD bless. Paul
Awesome! Biggest takeaway?
@@ChandlerBoltOfficial The same here!
🤣 can you please dammed down for people like me. I'll tell you what I heard when you started speaking about numbers and percentages at minute 5:35 I quote " $50,000 per month hdhakd ssdgsgdu bla, bla, bla, hotfs, 20 percent zygfds mishumichu, sizzarra,hhuoialkd 5 percent:
Lol
I had to watch that part 15 times and take notes lol.
I am part owner of a DJ Entertainment services business and we are restructuring a few things. This was very helpful. Thank you
Great to hear!
Super simple and easy to understand. I appreciate the work and time you put into this!
Thanks Omer!
You all probably dont give a damn but does anybody know a trick to get back into an instagram account??
I was dumb lost my password. I would appreciate any tips you can give me
@Thatcher Collin instablaster =)
@Dayton Devin Thanks so much for your reply. I found the site through google and I'm in the hacking process now.
Looks like it's gonna take a while so I will reply here later when my account password hopefully is recovered.
@Dayton Devin It worked and I actually got access to my account again. Im so happy:D
Thank you so much, you really help me out!
this video is incredible, I transition our company into this model.
Great principles, thank you for creating this video and sharing with us.
Thanks! Biggest takeaway?
@@ChandlerBoltOfficial We already had a similar process in place but it was wrong in some ways. Problem was the salary consisted in mainly profit share distributed monthly, not with fixed salaries for some of our employees. The second issue was figuring out a way the we ca split the profit pool between the team members in a way that's fair to every individual, so based on that there were 3 big take aways for us:
- Give them a big enough fixed part that they can live on and distribute the profit share at the end of the quarter.
- Split the profit sharing pool percentage based on their individual fixed fee. (This was great because it's fair to everyone now - we didn't think of this because we didn't have those fixed parts)
- New team members only join the profit sharing system after 3 months of staying with us.
And since it was the end of the month we have already discussed the new structure with each and every one of them who take part in the profit share and they all love it.
Thanks again, it really helped us!
@@ChandlerBoltOfficial Btw, I love how your last videos are team and systems focused. Already set up a time in my calendar to go through them.
Hi! I ran a Ballroom Dance Studio and all of my teachers have sliding scale depending on weekly amount of lessons taught. I would like to introduce profit sharing opportunity for them to retain dance teachers as long as possible. I think it’s a great tool. My question is the percentage of this quarterly profit sharing will be depending on each individual or company as a whole for profit for this quarter.? Or each of the instructors whatever they work get paid accordingly to the performance.
This video was so helpful! Thank you so much.
Thanks! Biggest takeaway?
This was super helpful thanks brother!
Great to hear!
Excellent value video. Thank you
🙌
nicely explained, very simple and very good model
Thanks! Biggest takeaway?
Ur videos are just great👍
Brilliant idea! Structuring this way is a great way to motivate employees!
Do your employees & the business have to pay taxes on the Profit share income?
Yes
Thanks for the no fluff info, subscribed :)
Amazing!
When setting up a profit sharing plan shouldn’t we have also rules for years with losses?
For example if that loss should be reduced from the following year profit?
Yep! For us, if we hit below 15% profit in a quarter, there is no profit share that quarter
where can I find avarage profit share per industry or stage of company? is 5% the most common one?
There are no averages as far as I know
@@ChandlerBoltOfficial which percentage do you recommend? can you do differents poools?
Great, very insightful...
Very Informative, I see an opportunity to make a renewable sustainable non polluting fuel that’s basically liquid hydrogen but it stores the same way as gasoline also it can be used in fuel cells. I want to sell shares as a way to get started on a small scale initially. What do you think?
I had a twist to that. My thought was to buy Real Estate with the profit and the money from developing properties be the shares that you would give out to the employers. So let's say that I start with one building and end up with 10 apartment complexes.
1 Question-how are they taxed on that distribution?
So wen can I get on da team
have you applied for a position? :)
Great video really would of like to seen some graphs and charts just thrown in there but who am
I came here because a company wants to hire me and help set up what I would like for a profit sharing plan. This was helpful, but I am more of a visual learner. White board and dry eraser marker goes a long way for me.
Great to hear! And thanks for the feedback. I'm trying to include more visuals in my newer videos. I'm also a visual learner. :)
Good luck setting up the profit share! Hope this was helpful & let me know how it goes
I tried taking the workshop on your website today, but the pop-up never opened? I'm on a PC in Chrome.
@@thebunnyfoofoo weird. Which pop up? And do you have the link to the workshop that didn't work?
@Chandler Bolt The link was selfpublishingschool.lpages.co/organic-sps-vip-eg-webinar/?_ga=2.63085289.731327630.1567552830-82619255.1566927456
@Chandler Bolt, is there anyway I could talk with you abut setting up profit sharing for the company I am working for?
What if you are not an employee but a company is offering $50,000 investment at $1/share + profit share payment. I’m not an employee so how would that work? Or is it even possible to work?
It’s definitely possible but i would proceed without caution. Doesn’t sound legit
What gives the best paid employees more merit to earn a bigger share of the profit share pool?
I talk about this in the video. It's based on a percentage of salary (aka. providing more value to the business)
Very helpful. :-)
Thanks! Biggest takeaway?
@@ChandlerBoltOfficial that it can be simple first, important for a small business, from what i understand setting up a true profit sharing requires special reporting and set up. For now, I will do monthly on the 15th after the previous month and set up as an extra payroll...see how it goes. :-)
@@belleboxer007 nice! Let me know how it goes
@@ChandlerBoltOfficial one quick idea, how to figure out the right percentage of net profit (monthly) based on income statement and business, I feel like I'm guessing....
@@belleboxer007 good idea! I recommend 5% of profit to start with a floor of 10-15% company profit for the profit share to be paid out. It's much easier to go up than it is to go down
Honest question why not make it 50% of profits?
You’re free to structure it however you’d like :)
@@ChandlerBoltOfficial sure but like what are the consequences? There must be a reason you decided to only do 5% and I’d like to understand the thought process behind that
This was helpful! Honestly. Thank you! I'd love to help you with some marketing content - maybe a trade for some consulting! ;) Legit!
What sort of marketing content do you have in mind?
Hey friend! :) we are a team of multi-media creatives with collaboration strategy at the core of our expression! We could help with content creation of any kind!
@@fosterscreative7208 what type of media / content specifically are you great at?
Chandler Bolt video - graphic design - strategic marketing strategies
i find it complicated
Which part?
This discussion is somewhat innumerate. However, it can be rationalized because the bozo logic will appeal to innumerate people, which is 95%+ of your workers, alas not the brightest 95%. If, on another planet with another species, we just wanted to pay everyone the largest take home (including retirement accounts) with the least taxes, then we would reduce salaries (which pay FICA) and maximize profit sharing, which does not pay FICA. You would essentially be committing to buy everyone up to the maximum 401k contribution ($69k or whatever it is, your personal year) instead of diverting some of that to salary just so your employee can pay FICA. Rationalize all you want, it is what it is, and that is what it is. Profit sharing is better than salary - this is before any discussion of the value of compound interest tax free on money in your retirement account vs. blowing it at Joes Bar with the buddies after work. Like I say, another planet; another species.
Listening to this podcast, however, it seems the intent is to manipulate and motivate employees rather than enrich them or act in their fiduciary best interest, so you do you!
sorry - I can't trust a dude that wears a shirt like that - nooooooooooooooo way
Lol