Bank needs photog for Christmas Party

Our local Bank will be hosting a Christmas party and part of their party favors include a 5x7 portrait with your significant other. The President of this bank has asked my friend and I too shoot the portraits for the 400-500 guests that will be attending. We have some experience in shooting, mostly sports and a few weddings, and I believe we have the gear to do it with 1dmkiii and 1dmkiv with 200 2.0L, 70-200 2.8L, 17-50 2.8 plus strobes and umbrellas, (need to find a backdrop). My question is concerning the monetary portion of this gig. How much is a fair price to get without gouging us or our Bank pres friend ? Any comments or past experience would be greatly appreciated.

F5Chaser wrote in post #11226175
How much is a fair price to get without gouging us or our Bank pres friend ? Any comments or past experience would be greatly appreciated.

It's a bank

Good one Yog.

grab all you can carry and call it even?
have you priced your 5x7 per print, just print not talking about this gig? maybe you can start from there then add your time

I like that idea Ike.
This is one we have considered but the 'YOUR' time is hard to calculate. By the way isn't Toms river close to Bernardsville?

Whatever you do, don't lowball an hourly rate and rely on the price you agreed upon for 400- 500 5x7's, and extra print sales.

A friend of mine did that this summer for a corporate picnic and got screwed BIG TIME.
It was the same set up you're doing. (The boss will pay for 1 5x7 for each worker)
There was suppose to be something like 500 workers to get their picture done, but not even half of that even showed up to the picnic, and not everyone came to get their photo taken. I think only 60 people showed up for pictures.

I think at closing time, my friend said that he was expecting to take his kids on a trip with the profit from that day, but only walked away with something like $300.

Thanks Happy..I didn't think about that happening but its very conceivable. I guess it really comes down to how much is one evening and several hours downloading/editing/up​loading worth + cost of all prints. Thanks all for your input.