In today's episode, Shannon dives into a topic inspired by recent client experiences: the two ways you earn money in a business. She explores the complexities of partnerships, how to manage profits and salaries, and the critical importance of having clear agreements. Whether you're a solo entrepreneur or navigating the murky waters of a multi-owner business, Shannon offers invaluable insights to help you understand and optimize how you get paid. Get ready to simplify the financial side of your business and ensure you're on the right track.

What you'll hear in this episode:

05:55 Partnerships drift; inactive partners still profit.

08:50 Understand business roles: separate owner and employee.

11:42 Avoid difficult situations: Plan and understand partners' needs.

If you like this episode, check out:

Productivity Does Not Equal Profitability

The Five Money Metrics You Need

Where Are the Best Places to Look to Find Cost Savings?

Want to learn more so you can earn more?

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Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.