the factory owners must be primarily company administrators, which I don't want to be, while their photographers are entirely wage-slave employees, which I don't want to be.

So it's also about philosophy, ambition, objectives, age. Although the value of an agency to me is all about how much money drops into my account at the end of the month, the value of the business model is about a lifestyle choice. If you offered me $500,000 a year, guaranteed, as long as I worked 10 hours a day, six days a week, as a photo factory administrator my reply would be no, it's not worth it. I prefer what I've got.