We just kept plugging away t&m...:whistling2:
You know I'm not a fan of T&M, but this is one case where my hat is definitely off to you. Had you done a fixed price, you would be getting screwed. As it is, nobody is getting screwed.
I agree with the other comments that $35 an hour is way too low.
One thing that often gets overlooked is replacement cost. By that I mean replacement of the existing job. Even if we assumed a wildly best case, someone charging $35 an hour is probably not going to pocket $25 an hour. But let's say he does.
When he finishes the job, what does he do? Typically, he will scramble to find more work, perhaps spend a little on marketing. But he will likely have down time. So that $25 an hour is now offset by many hours at $0 per hour. If he spends anything on marketing, that also eats into his $25 an hour.
My point is, if you look at 1 job as an isolated event, $35 an hour might sound good. But if you look at it in the full context-- i.e., part of that $35 must pay for obtaining the next job-- it can present a much different picture. And from my experience, anyone taking such a myopic view will, in the long-term, make a fraction of that $35.
It's great to make $35 an hour. But if you sit at home the next week, it really isn't as good as it might seem.
If a farmer sold (or ate) all of his corn, he would have nothing to plant the following year. He sets some aside as his seed corn. Painting contractors must do the same thing.