Only if you give me your word you will concede the argument if you're proven wrong.
If not, what's the use.
Schuylaars Sesh - The New Wedge Issue for 2014 Mid-Terms..
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- Start date
If not, what's the use.
What I saw was a pay stub. Yes, the amount you have had withheld to that point was the percent you had indicated. But withholding =/= tax.
They take your taxes from your withholding and send you back the rest.
In other words what you displayed was not evidence to what your taxes are, only evidence to how you filled out your w2, and the selections you made increased your withholding over what it should have been.
And UncleBuck is telling everyone he's going to take over his father in-laws multimillion dollar business, LMFAO
ChesusRice
Well-Known Member
After all expenses means
NET income
Now post that link where they only make 50k a year
Antidisestablishmentarian
Well-Known Member
GROSS PROFIT IS NOT WHAT THEY TAKE HOME. YOUR ARTICLE MAKES NO MENTION OF NET PROFITS, WHICH IS WHAT THE OWNER MAKES.
There. I made it so maybe you'll get why your article doesn't say what you think it says.
ChesusRice
Well-Known Member
After all expenses means
NET income
Now post that link where they only make 50k a year
Antidisestablishmentarian
Well-Known Member
Cheesus, when I click your link, it takes me to this article:
NEW YORK (CNN/Money) - The people who consider buying franchise businesses range from laid-off managers to ambitious entrepreneurs.
"The restructuring of our economy has caused a lot of angst," says Steve Hockett of FranChoice, a franchise business broker. People laid off from long-term jobs don't want to go through that again. Their attitude, according to Hackett: "I want my success to depend on me."
"We're seeing 2,000 to 3,000 candidates a month," he says, adding that he expects inquiries to double by 2006.
And almost everyone starts with the same question: "How much can I earn?"
Actual performance may vary
"The difficulty obtaining information on how much you can make is the Achilles heel of franchising," said Peter Birkeland, host of the radio show Franchise Boot Camp. Of the 2,000 or more companies that franchise, few offer much data.
The Federal Trade Commission only mandates that any earnings estimates be accurate and made in good faith, and be confined to item 19 of the Uniform Franchise Offering Circular (UFOC), which the franchisee must receive before completing any deal.
Gene Gold opened a new Pearle Vision four months ago in Brewster, N.Y., after partnering in a Pearle store for 20 years in Stamford, Conn. He says the UFOC data the company provides is pretty accurate and that it also helps out with market surveys and even "sent its real estate experts to look at the location."
In its UFOC, Pearle lists mean average sales of $674,000. Pearle is one of the few franchisors to give details on its average store's net profit, about $96,000.
Related story
• Instant entrepreneur
Most only list profits before labor costs, taxes, rent, and other expenses are deducted.
If the franchisor doesn't provide net profit estimates, candidates have to make an educated guess about what a franchisee can earn.
Some franchisors, make it easier by providing a range of performances.
Baskin-Robbins, for example, reports mean gross sales of $290,554 (fiscal year 2002) for its 4,500 ice cream stores, but breaks sales down by region. These range from a low of $186,906 in the Southeast to a high of $344,587 in the West.
The company includes data on average costs of food (27 percent of sales) and labor (21 percent).
A company's UFOC contains other critical information, such as franchise fees and royalty and advertising percentages, that eat into profits.
EconoTax, a tax service business with 68 locations in seven states, lists charges of $10,000 for a franchise plus a royalty of 15 percent of the gross and another 4 percent for advertising. Candidates would expect out-of-pocket expenses to total from $10,000 to $25,000 to get off the ground.
The company breaks down earnings claims by years in business, with a lowest producer, a highest, and an average. Locations in business five years or more grossed an average of $77,385 in 2002 with a high of $113,205 and a low of $27,462.
Pinky Jones, who has purchased seven EconoTax franchises in Mississippi says that she has found earnings claims estimates provided by the company very helpful. "They let you know what you're up against and give you the ability to know what your financial potential is in a given area," she says.
Franchises by the gross
Most franchisors don't provide net profit figures. Here's a sampler of gross revenues and profits after cost of goods. Remember, you'll still have to calculate your rent, labor costs, taxes, and other expenses to come up with a final answer to how much you'll bring home.
Franchise Business Franchise fee, royalties, and advertising Annual sales Profit after cost of goods
General Nutrition Center Vitamins & supplements $40k, +6% & 3% $349k $173k
Pearle Vision Eyeglasses $30k, +7% & 9% $674k $467k
The Visual Image Photography $23.5k, +0 & 0 $101k $77k
Wild Bird Centers Birdseed & feeders $19k, +3 - 4.5% & 0 $347k $173k
Between Rounds Bagel deli $18k, +6% & 2% $493k $308k
Dunkin' Donuts Doughnuts $50k, +5.9% & 5% $813k $626k
Juice It Up! Smoothies $25k, +6% & 2% $212k $149k
McDonald's Hamburgers $45k, +12.5% & 4% $1.3m $916k
FastSigns Signs & Graphics $20k, +6% & 2% $477k $360k
The Glass Doctor Glass repair $18.9k, +6% & 2% $798k $554k
Jet-Black Driveway repair $15k, +8% & na $94k $73k
Source: "How Much Can I Make?" By Robert E. Bond
Fast-food titan McDonald's breaks down earnings claims based on three categories of store volume: $1.3 million in sales, $1.5 million, and $1.7 million. All produced gross margins of 70 percent or better and an operating income margin of at least 24.6 percent. Out of that franchisees still must pay rent, income taxes, and other fees.
Going to the source
Where can you turn if the franchisor in which you're interested does not furnish earnings claims in its UFOC?
To get a preliminary idea of what a franchise may be worth to you, see the book "How Much Can I Make?" by Robert E. Bond, which contains franchisor-provided financial information from 137 different companies.
From there, says Steve Hockett, "candidates have to talk to established franchisees to get an idea of how much they could earn."
That can be inexact. Can you trust the un-audited estimates of businesspeople who possibly have reasons to conceal rather than reveal?
Robert Bond advises to tread carefully. Most people don't do enough research. "Call as many franchisees as possible," he says. Besides the monetary issues "find out if they're happy," he says.
YOUR E-MAIL ALERTS
Entrepreneurs
Franchising
Layoffs and Downsizing
Labor
or CREATE YOUR OWN
Manage alerts | What is this?
Bond also advises that you hire an experienced franchise attorney and a business consultant.
A good broker -- Bond named FranChoice as one -- can also help. But remember that they don't work with the whole franchise universe; your choice will usually be limited to a basket of franchises 40 or 50 strong.
The beauty is that brokers provide a lot of service and don't cost buyers a cent. It's like real estate: the seller pays the commission. And to satisfy clients (the franchisors) the broker has to make good matches.
Many franchise buyers (60 percent, according to a FranChoice spokeswoman) obtain financing to pay their startup costs. When fees are fairly modest, say $150,000 or less, franchisees often get a home equity loan. Otherwise there are financial institutions, such as SD Cooper Company, that specialize in franchise business loans, and some franchisors will help guide new owners through the loan process.
Your statement is nowhere to be found.
NEW YORK (CNN/Money) - The people who consider buying franchise businesses range from laid-off managers to ambitious entrepreneurs.
"The restructuring of our economy has caused a lot of angst," says Steve Hockett of FranChoice, a franchise business broker. People laid off from long-term jobs don't want to go through that again. Their attitude, according to Hackett: "I want my success to depend on me."
"We're seeing 2,000 to 3,000 candidates a month," he says, adding that he expects inquiries to double by 2006.
And almost everyone starts with the same question: "How much can I earn?"
Actual performance may vary
"The difficulty obtaining information on how much you can make is the Achilles heel of franchising," said Peter Birkeland, host of the radio show Franchise Boot Camp. Of the 2,000 or more companies that franchise, few offer much data.
The Federal Trade Commission only mandates that any earnings estimates be accurate and made in good faith, and be confined to item 19 of the Uniform Franchise Offering Circular (UFOC), which the franchisee must receive before completing any deal.
Gene Gold opened a new Pearle Vision four months ago in Brewster, N.Y., after partnering in a Pearle store for 20 years in Stamford, Conn. He says the UFOC data the company provides is pretty accurate and that it also helps out with market surveys and even "sent its real estate experts to look at the location."
In its UFOC, Pearle lists mean average sales of $674,000. Pearle is one of the few franchisors to give details on its average store's net profit, about $96,000.
Related story
• Instant entrepreneur
Most only list profits before labor costs, taxes, rent, and other expenses are deducted.
If the franchisor doesn't provide net profit estimates, candidates have to make an educated guess about what a franchisee can earn.
Some franchisors, make it easier by providing a range of performances.
Baskin-Robbins, for example, reports mean gross sales of $290,554 (fiscal year 2002) for its 4,500 ice cream stores, but breaks sales down by region. These range from a low of $186,906 in the Southeast to a high of $344,587 in the West.
The company includes data on average costs of food (27 percent of sales) and labor (21 percent).
A company's UFOC contains other critical information, such as franchise fees and royalty and advertising percentages, that eat into profits.
EconoTax, a tax service business with 68 locations in seven states, lists charges of $10,000 for a franchise plus a royalty of 15 percent of the gross and another 4 percent for advertising. Candidates would expect out-of-pocket expenses to total from $10,000 to $25,000 to get off the ground.
The company breaks down earnings claims by years in business, with a lowest producer, a highest, and an average. Locations in business five years or more grossed an average of $77,385 in 2002 with a high of $113,205 and a low of $27,462.
Pinky Jones, who has purchased seven EconoTax franchises in Mississippi says that she has found earnings claims estimates provided by the company very helpful. "They let you know what you're up against and give you the ability to know what your financial potential is in a given area," she says.
Franchises by the gross
Most franchisors don't provide net profit figures. Here's a sampler of gross revenues and profits after cost of goods. Remember, you'll still have to calculate your rent, labor costs, taxes, and other expenses to come up with a final answer to how much you'll bring home.
Franchise Business Franchise fee, royalties, and advertising Annual sales Profit after cost of goods
General Nutrition Center Vitamins & supplements $40k, +6% & 3% $349k $173k
Pearle Vision Eyeglasses $30k, +7% & 9% $674k $467k
The Visual Image Photography $23.5k, +0 & 0 $101k $77k
Wild Bird Centers Birdseed & feeders $19k, +3 - 4.5% & 0 $347k $173k
Between Rounds Bagel deli $18k, +6% & 2% $493k $308k
Dunkin' Donuts Doughnuts $50k, +5.9% & 5% $813k $626k
Juice It Up! Smoothies $25k, +6% & 2% $212k $149k
McDonald's Hamburgers $45k, +12.5% & 4% $1.3m $916k
FastSigns Signs & Graphics $20k, +6% & 2% $477k $360k
The Glass Doctor Glass repair $18.9k, +6% & 2% $798k $554k
Jet-Black Driveway repair $15k, +8% & na $94k $73k
Source: "How Much Can I Make?" By Robert E. Bond
Fast-food titan McDonald's breaks down earnings claims based on three categories of store volume: $1.3 million in sales, $1.5 million, and $1.7 million. All produced gross margins of 70 percent or better and an operating income margin of at least 24.6 percent. Out of that franchisees still must pay rent, income taxes, and other fees.
Going to the source
Where can you turn if the franchisor in which you're interested does not furnish earnings claims in its UFOC?
To get a preliminary idea of what a franchise may be worth to you, see the book "How Much Can I Make?" by Robert E. Bond, which contains franchisor-provided financial information from 137 different companies.
From there, says Steve Hockett, "candidates have to talk to established franchisees to get an idea of how much they could earn."
That can be inexact. Can you trust the un-audited estimates of businesspeople who possibly have reasons to conceal rather than reveal?
Robert Bond advises to tread carefully. Most people don't do enough research. "Call as many franchisees as possible," he says. Besides the monetary issues "find out if they're happy," he says.
YOUR E-MAIL ALERTS
Entrepreneurs
Franchising
Layoffs and Downsizing
Labor
or CREATE YOUR OWN
Manage alerts | What is this?
Bond also advises that you hire an experienced franchise attorney and a business consultant.
A good broker -- Bond named FranChoice as one -- can also help. But remember that they don't work with the whole franchise universe; your choice will usually be limited to a basket of franchises 40 or 50 strong.
The beauty is that brokers provide a lot of service and don't cost buyers a cent. It's like real estate: the seller pays the commission. And to satisfy clients (the franchisors) the broker has to make good matches.
Many franchise buyers (60 percent, according to a FranChoice spokeswoman) obtain financing to pay their startup costs. When fees are fairly modest, say $150,000 or less, franchisees often get a home equity loan. Otherwise there are financial institutions, such as SD Cooper Company, that specialize in franchise business loans, and some franchisors will help guide new owners through the loan process.
Your statement is nowhere to be found.
nitro harley
Well-Known Member
Thats real funny..He is waiting for an inheritance. Buck should get his father in law on here for debate so he can feel good about handing down the family fortune to an idiot..
ChesusRice
Well-Known Member
http://www.ask.com/question/mcdonalds-franchise-profit
McDonald's is one of the most sought after franchises around the world today. McDonald's gets
about two thousand applications for franchise owners a year. This
business makes money because it already has a well known name. The franchise fee
is approximately $45,000 and you also have to pay a royalty of 12.5% and 4% for
advertising. The profits for this franchise may vary, but the average restaurant
brings in a little over a million dollars a year. After all expenses, you are
looking at a profit of about $500,000 to $600,000.
And the first link clearly shows a net profit of over 500k a year
Antidisestablishmentarian
Well-Known Member
Do you see the link at the bottom that says reference? Click it.
You will go to the cnn article I just posted that says no such thing. So where did they get that from?
You will go to the cnn article I just posted that says no such thing. So where did they get that from?
The original article says this: "Fast-food titan McDonald's breaks down earnings claims based on three categories of store volume: $1.3 million in sales, $1.5 million, and $1.7 million. All produced gross margins of 70 percent or better and an operating income margin of at least 24.6 percent. Out of that franchisees still must pay rent, income taxes, and other fees." If we assume $1.3 million in sales with a 24.6% gross margin, that's $320,000, minus rent, minus taxes, minus other fees.
Lay people tend to not be accountants/bankers and frequently misuse the word "profit." When a business person says profit, they tend to mean net profit, the amount they actually take home, after absolutely everything else has been paid. Obviously that amount is not $500,000+ per year, even if you start at $1.7 million in revenue.
ginwilly
Well-Known Member
LOL! The first link is an answer to Ask.com and it's source never mentions the net profit. In fact, it says in many cases, net profits were unreported for the study (that the person on ask.com used).
It's like you posted yahoo answers or a Perez Hilton Op Ed as fact.
Actually, the gross profit margin is found after deducting the cost of goods from the gross sales.
If you take a gross sale of $1.3million, subtract the cost of goods of 30%, you get $910k
So the gross margin of 24.6% adds up to about $224k
Then add in taxes and rents.
Still, nowhere near what some of these people on here think these owners are making.
ChesusRice
Well-Known Member
Man up and cite the source for your 50k statement
Cheezy is trying everything possible to side step the facts.
Bottom line is, very few if any of the franchises could survive a minimum wage hike of $15.
Some of them are small mom and pop stores where the owners work 60-70 hrs a week just to stay open.
A lot of them are not buying these franchises to get rich, they're actually buying themselves and their family a job.
Most of the people lobbying for this absurd wage increase like to use McDonalds as their scapegoat, they are ignorant to the fact that not all franchises have golden arches.
Bottom line is, very few if any of the franchises could survive a minimum wage hike of $15.
Some of them are small mom and pop stores where the owners work 60-70 hrs a week just to stay open.
A lot of them are not buying these franchises to get rich, they're actually buying themselves and their family a job.
Most of the people lobbying for this absurd wage increase like to use McDonalds as their scapegoat, they are ignorant to the fact that not all franchises have golden arches.
ginwilly
Well-Known Member
While making the argument that a company like McD's could sustain the income hit by rising prices, they ignore that it will only help them weed out any competition that is not a huge conglomerate. The policies of the left continue to help the corporate world they claim to hate. I wish we could get them to understand this.
Man up?
You can look at your own article dipshit, if you have trouble with math, post it up and we'll help you out.
I think you're the one who should take your ass whopping like a man.
You hit the nail on the head, ginwilly.
I think we all want the same thing, the left just doesn't know the right way to go about it.
ginwilly
Well-Known Member
To be fair, the left helps the corporate world because of 1st level thinking and unintentionally.
The right helps the corporate world intentionally.
I can't argue that one.
Edit: I'd say when it comes to the right, it's more the politicians and their policies.