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Suggest questionThis week, in episode 164, Shawn Busse and Jay Goltz discuss a recent Business Journal report that a lot of business owners are feeling burned out. Why is that, and what can owners do to avoid it? And have either Shawn or Jay been there? Plus: Shawn brings us up to date on the leadership transition he’s initiated, and—believe it or not—Jay has had another revelation about ESOPs. Also, do business owners need better regulation or no regulation? And which regulations are annoying Shawn and Jay the most right now? For Shawn, it’s the nightmare of having employees in multiple states and having to figure out and comply with the various rules of each of those states.
Show Notes: You can learn more about Shawn Busse’s September event Catalyst (https://www.kinesisinc.com/catalyst/summit/) . Here’s the Business Journal article (https://www.bizjournals.com/bizjournals/news/2023/07/28/burnout-small-business-vacation-timeoff.html) about business owner burnout. Here’s the podcast where Phil Hayes (https://21hats.com/bonus-episode-the-long-journey-to-really-understanding-esops/) offers a fresh perspective on what it takes to do an ESOP. Here’s the conversation where Jim Kalb (https://21hats.com/a-skeptical-conversation-about-esops/) talked about his own ESOP. Here’s the most recent Dashboard conversation (https://www.spreaker.com/user/13717496/dashboard-a-tsunami-of-regulation) where I talk about regulation with Gene Marks.
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.