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Suggest who benefitsDashboard: A Business Owner Chooses His Third and Final Act
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Suggest questionJosh Patrick’s first act was building and eventually selling a successful vending-machine business. His second act was building a thriving consulting practice in which he helped other business owners learn the lessons he’d learned the hard way. In our latest Dashboard episode, Josh, a cancer survivor whose cancer has returned, is exploring two experiences—retirement and death—that he believes most owners are ill-prepared to confront. He’s planning to address that in his writing. As for himself, Josh tells us that he’s not afraid of death, but he is afraid of retirement.
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.