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Suggest questionShould Stephanie Stuckey sell pecans on Amazon? Should Laura Zander wholesale yarn to discounters? Should Jay Goltz’s businesses be active on Pinterest? (Assuming Jay knows what Pinterest is.) This week we cover those issues, plus whether the owners are ready for an economic boom and how Laura made the painful decision to fire several employees she inherited when she bought her wholesale yarn business in Texas. “You have to do it,” says Jay. “And it doesn't make you a bad person. It makes you a bad boss if you don't do it.”
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.