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Suggest who benefitsThose Who Can, Do. Those Who Can’t, Uh, Coach?
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Suggest questionThis week, in Episode 257, David C. Barnett, Jay Goltz, and Lena McGuire talk about their experiences hiring consultants, advisors, and especially coaches. There are, of course, lots of great business coaches out there, but as the owners explain, it’s easy to be led astray by coaches who don’t really know your industry or who address your specific challenges with their cookie-cutter solutions. And here’s a question: Does it matter whether the coaches were successful in their own entrepreneurial endeavors? “I've seen some of these people in the picture framing industry,” Jay tells us, “these people who were coaching and were giving advice to people. And every last one of them failed in their own business.” But when coaching works, it can be transformative, says Lena, who is “absolutely thrilled” with the coach she hired. So how do you tell the difference between a coach who can actually help and one who just talks a good game? Plus: Jay explains why he’s thinking about opening a pizza shop. Seriously. Well, sort of seriously.
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.