One of the many things that makes buying and operating a multi million dollar business actually easier and cheaper than buying a small "mom and pop" business is that you can pay a good manager to "run" everything for you, so you never have to be there.

However, finding, attracting and keeping a good manager isn't always as simple.

Here's what I mean:

Usually you can keep the current management in -- virtually unchanged -- and not miss a beat. All you have to do is pay them a better salary than they were getting and do a few other things with their benefits and they will almost always stay on.

However, there are times when you may have to find another manager and you will be wondering what kind of salary they should get. Not only to be fair to them, but also to make sure you pay them enough so they stay and will be happy to run everything for you

So the question is, how do we find out what that figure is?

Most people like to look at government averages. I think that's a bad idea. Reason why is because thats what they are, theyre averages. Youre going to find theyre too far off to analyze a business and really know what the best wage to pay is.

So, what I normally do is Ill pick three or four business owners in the community, call them, and find out what the going rate is for that type business.

Yes, were talking about competitors.

And what you do basically is you take the average. You may find one is $138,000, another one is $142,000, and the other one is $144,000. As you take the average of these three or four that youre looking at, you find the average including payroll taxes and other benefits come to $142,000 which is great.

Its going to cost you $142,000.

Of course, you can always go higher if you choose. It's up to you. I want to make sure, if I have a good manager, they are paid enough so they won't bolt at the first offer that comes along. I want them to stay put and I want them to be getting enough where they won't ever bug me.

You don't have to do the same thing, but it will make your life a lot easier and more free than the average business owner out there now.