BBQ Team Finance

bbutts said:

Have any of you made special arrangements, LLC's, contracts, etc to deal with equipment related to your BBQ team.

If you have a few different people on your team that divide the costs of equipment purchases and competing, how do you handle a member's share of the team should they resign?

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I BBQ with 2 real good guys. We all agree that we won't be sharing equipment costs. No way. What we buy belongs to us as individuals - but we freely share it as a team. I think my friends are worth keeping :thumb:

We do handle our own costs. The person who cooks a particular category is responsible for the full cost of that category. They also keep all the money won for the category. We split the entry fee and only share GC or RGC winnings (and we ain't done that yet).

This has worked for us for three years.

I have an llc and it covers my bbq business, including catering. Contests are advertising and marketing for same.

With my team we split everything evenly except the cookers, we both have our own that we bring. Other than that, entry fees, meat fees and winnings are split in half.

bbutts said:

Have any of you made special arrangements, LLC's, contracts, etc to deal with equipment related to your BBQ team.

If you have a few different people on your team that divide the costs of equipment purchases and competing, how do you handle a member's share of the team should they resign?

Click to expand...

Last season all the cost were on me. This year I've formed an LLC and all the equipment belongs to me. I'm now splitting the entry fees, consumables, etc. with my teammates and splitting the winnings if any from an event.

monty3777 said:

I BBQ with 2 real good guys. We all agree that we won't be sharing equipment costs. No way. What we buy belongs to us as individuals - but we freely share it as a team.

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Nate, can I be on your team and freely share your jambo????

Ken

LLC's, etc. would be just more money on an already losing proposition. We buy the
equipment individually, and it's ours, individually. We split the costs as evenly as we can, we split the responsibilities as evenly as we can, and we split the winnings as evenly as we can. I really suggest the KISS approach.

All of us have our individual equipment that we bring to contests. We get together, make a list of who is bringing what, and then load it up in a central location and go.

We also have centralized team gear that is bought by the winnings. Everyone knows that if they leave the team, they leave the equipment bought by the team.

Neil Gallagher
Too Sauced To Pork BBQ