I wouldn't mind if Fred made 180k if the company would have made an increasing profit over several years.

But also to command that salary, the company should at least have 30-50 employees or even 100+ as a responsibility. To manage 7 or 8 employees, a secretary and a few engineers, I don't think that is justification for that amount.

I'm not sure what the amount should be, but it should be based on performance inculding bonuses and options. If you don't perform in accordance with an annual plan, then you don't get salary increases, or any bonus, or any new options.