Called a young business owner Dove Ramsey‘S’Entreleadsess“Podcast with a surprising dilemma: One of the employees asked for property in the company. An open recreational event, a 22-year-old CEO of the company, was not sure how to manage it.
“You have to be kidding me,” Ramsey said he was laughing. “I have two employees and I just started it and I’m 22. We do not quit capital at this point. There is no way.”
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The caller explained Started to work When he was 18 years old, he reached about $ 500,000 in annual income. He hired the employee to help you to use the events while focusing on the size.
“I pay for them,” he said. “And they did a good job recently, I made 5% profit in work at the end of the year.
Ramsey did not hesitate. “Hit the road, Jack. Not a chance. The last thing you need is partner,” he said. “The tail does not walk the dog here. The dog, you are.”
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Ramsey shared how he compensated his team Ramsey solutions: I did not have the salaries of my vice presidents, the Executive Board, Operations, Operations, None. All 15 of the month paid the company’s bottom line.
Ramsey is a small, young person asking for capital in a small, young business, in case the employee may be valuable.
“How much money is then then,” he said. Therefore, Ramsey recommended them to pay them in common, but without actual property.
Ramsey later announced a compensation plan: pay a lower base salary and add the percentage of earnings from the employee’s events. For example, if each of the two events brings $ 10,000 each of the month, and the employee will pay 15% of this profit and result in strong gain.
You want to make money, because you make so much money, so much money, Ramsey said. “But every time you hire three people, it will be 73 partners when this thing grew up. No, thank you.”
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One of the greatest ways of Ramsey’s advice was a clean, detailed accounting need. He stressed the importance of closing the monthly books and the use of work spending methods to watch the profit at each event.
“If you don’t know what you do in these two events, you are screwed around inside a shoe box or something, then you can’t calculate his salary,” Ramsey warned. “And you will not pay him and it will be unhappy and he would be right.”
He also recommended the first month to pay the commissions on the 15th of the month for the events of the previous month.
Ramsey was wrapped with a little encouragement. “You have a fun little job,” he said. “I hope this is growing up for you and get 10 of him and all gets money from the bottom and you are earn money from the top“
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This article A 22-year-old CEO Dave Ramsey asks what an employee who wants to own property. His advice after a sincere laugh? ‘Tap the Road, Jack’ Originated first Benzinga.com
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