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Suggest who benefitsDashboard: Even Made in the USA Manufacturers May Not Survive the Tariffs
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Suggest questionThis week, Greg Shugar, owner of Beau Ties (https://www.beautiesltd.com/) , a men’s accessories business, explains how the tariffs have the potential to destroy the very businesses they are supposed to protect. As Shugar points out, President Trump has said all along that if you make it here, you won’t have to pay the tariffs. Well, Beau Ties makes it here -- but it has to import fabric from overseas because the silk fabric it needs is simply not produced here. And those imports are being taxed at a very high rate. At the moment, Shugar is waiting to hear whether Trump will indeed, as he has threatened, slap an additional 100-percent tariff on imports from China, which Shugar says could force him to shut down. The threat alone means that he can’t make plans two weeks out -- let alone start thinking about next year.
About 21 Hats
The proponents of employee stock ownership plans can make them sound like the greatest thing ever. A business owner can take a big chunk of money off the table—or even all of it—while still getting to run the business. And there are some pretty great tax breaks. Oh, and it will also solve income inequality in America. On the other hand, if ESOPs are so smart, why are there so few of them?
Jim Kalb of Triad Components Group in San Diego and Jeff Taylor of Crafts Technology in Chicago have both implemented ESOPs. Jay Goltz of the Goltz Group in Chicago has reached his 60s without a succession plan, and he’s considering his options. In this 21 Hats Conversation, you get to listen in on a street-smart discussion of the pluses and minuses of ESOPs from the business owner’s point of view.