Episode 205: Profit vs Owner's Salary - Business Tip of the Month with Hal Denbar of National Pool Partners

Episode Summary:  In this edition of Business Tip of the Month, we’re joined by NPP’s President of Texas Hal Denbar.  Listen in as Hal breaks down the important but often misunderstood distinction between making a profit and paying yourself as a business owner.  He also explains the advantages of having an accountant and how to build a healthy pool business using the profit-first model.  Topics Discussed:  01:14 - Defining the problem  02:37 - Profit versus owner’s salary  04:29 - The advantages of having an accountant  05:12 - Misconceptions around profit and salary  07:18 - Making it a habit to check your numbers  10:57 - Using the profit-first model  15:55 - Determining how much to pay yourself  18:18 - What counts as a “healthy” pool business