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Suggest who benefitsWhen’s This Gonna Be Over?
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Suggest questionThis week, six months into the crisis, Paul Downs, Jay Goltz, and William Vanderbloemen take inventory. What does the crisis mean for the future of their businesses? Has it changed them as leaders? Has it affected their relationships with their employees? And they come to some counter-intuitive conclusions. For one, William tells us that he suspects he will one day look back on the crisis and conclude it was the best thing that could have happened to his business. It’s been painful, he says, but, “in some ways, we needed a jolt, and this gave it to us.” Jay understands: “When things get really bad like this, we start paying attention to stuff that we should have been paying attention to before.” Plus: do the three owners have a plan for how their businesses would continue to operate if they were incapacitated by COVID?
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.