Competition Money

[Stoke&Smoke]

What is this competition money you speak of?

When we do get a call, it just offsets our expenses. I don't know too many folks making a profit on it, although I'll admit there are a few.

 

[manbearpig]

Great subject. If your a new team just starting out be sure to note on the application form to make the grand champion check out to your name. They will make it out to your team name unless you specify otherwise.

 

[Q-Dat]

We haven't won much, but what we have has been put toward future entry fees.

 

[djqualls]

Does anyone bring someone to help out and just pay them a stipend for the work at the comp win or lose? I've had offers to come and be on the team but......

 

[scm1226]

There is money to be won at these contests??? Damn I need to try harder next time!!
We put it to the next contest!!(only happened once so far)

 

[The Cosmic Pig]

Does anyone bring someone to help out and just pay them a stipend for the work at the comp win or lose? I've had offers to come and be on the team but......

I have a friend who helps out, but I pay all the expenses and own all the equipment; he brings containers and takes home a LOT of the leftovers. Paid in full!

 

[JD McGee]

If we are lucky enough to win a few bucks we use the prize money to pay for the comp expenses first...any leftovers goes in to the "future comp fund kitty"...

 

[Butcher BBQ]

As I have said many times and I hope my lovely wife won't read this thread. Because I continually tell her it is for ribbons only. :wink:

 

[SirPorkaLot]

I am watching this thread closely, I just have not been able to figure out what to do with all my excess winnings.

Sarcastic :mod:

Put whatever I get back into the team.

Shirts, smokers, higher quality meat, banners, knives, beer.

If I get to the point that I'm making more than I'm spending in comp. BBQ. I'll hop on my unicorn and ride into the sunset.

 

[jbrink01]

I pay for everything and I keep the money. We have another couple that completes our team and asks for nothing. They work hard, we enjoy each others' company and we try hard to recognize that. At the end of last year I surprised them and bought them a smoker.

 

[manbearpig]

I pay for everything and I keep the money. We have another couple that completes our team and asks for nothing. They work hard, we enjoy each others' company and we try hard to recognize that. At the end of last year I surprised them and bought them a smoker.

That's why your a winner Jeff.

 

[lazyjacres]

I pay for everything and I keep the money. We have another couple that completes our team and asks for nothing. They work hard, we enjoy each others' company and we try hard to recognize that. At the end of last year I surprised them and bought them a smoker.

Hey, can I come hang out, pit bitch or something for you? :wink:

 

[TooSaucedToPork]

What we do:

We all split the cost of competitions equally among all the members of the team.

Each catagory is cooked by 1 or 2 team members. The team members that cook each catagory split 50% of the prize money up to $250. The other 50% goes into the team fund.

GC's and RGC money goes into the team fund.

 

[jbrink01]

Anytime Jamey! However discretionary funds may be a bit thinner this year with the purchase of my new trailer.... (Don't tell my team mates!)

 

[Contracted Cookers]

Hey, can I come hang out, pit bitch or something for you? :wink:

Don't do it . he's bossy

 

[jbrink01]

:drama:

Don't do it . he's bossy

All great artists are a bit tempramental........:drama:

 

[Balls Casten]

We dont keep good records/receipts on anything. So we split any money won between anyone that shared in the entry fee. Then the rest of the expenses are shared as they are spent.

 

[ROF Texas]

Like some of the others have said, our comp team is set up as a LLC., with 2 primary owners. Winnings are deposited into the bank account and expenses are paid from the account if possible. We also cater some and this helps feed the beast. We will probably compete in +/- 10 competetions per year with one being a large PR event for the team. We know historically this event will cost $5,000.00 and we try to have some reserve prior to this cook off.
At the end of the day it is a hobby and do what makes you happy!

 

[Wampus]

Jimmy and I just discussed this today.
The team's set up as an LLC. We're gonna get a business checking account with 2 debit cards. He'll set up and pay or a lot of entry fees with checks and I'll be picking up a lot of the meats since I'm closer to the supply. Winnings (and we plan on a lot of those :roll::becky will just be put back into the account. At the end of the year, we'll split the profit or invest in more gear (trailer/etc) as decided.

We also plan on catering a bit and are already set up to vend at a couple of comps to help feed the monster.

Seems to make sense.

 

[afreemaniii]

Our team is just me and my brother. We track who buys what going into the contest and split it up 50/50. Any winnings are then handled the same way, 50/50.