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Suggest who benefitsLandlords and Real Estate and Banks, Oh My!
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Suggest questionIn this week’s episode, Dana White, Laura Zander, and Jay Goltz talk about their real estate challenges. Dana decided to close one of her locations rather than keep dealing with an overly aggressive landlord. Laura, fearing her landlord was going to throw her out, decided to buy a building. But she hasn’t been able to close on the deal because, while she’s been to six banks, she has yet to find one that will fund the loan—even though she already has SBA approval for a loan. And Jay wants to take out a mortgage on a building he owns outright just to have some extra cash on hand, but he’s on his 10th bank. “You can’t get discouraged,” Jay tells Laura. To which Laura responds: “Come on, what do you mean, ‘You can't get discouraged?’ You see my face? It’s called discouragement.” Plus: the Morning Report News Quiz returns.
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.