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Suggest who benefitsLaunching Lyx: ‘Gatorade for Dogs’
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Suggest questionIn this week’s bonus episode, Dylan Jones shares his entrepreneurial journey, which includes serving in the Air Force, a Master’s degree in business analytics, a failed software business, and a brand new consumer packaged goods business that draws on his knowledge of military working dogs—most importantly that it can be a challenge to keep military dogs (and pets) hydrated. Jones came up with a solution and started selling it at farmers markets where he would simply announce, “Hey, I have Gatorade for dogs.” That drove interest and sales, but not enough to make money. And when his wife delivered their second child, Jones started thinking about maybe selling out his inventory and looking for a job. But then, at one of the last farmers markets he planned to attend, he ran into an investor. That led to a conversation, an investment, a reformulation, a rebrand as Lyx (https://www.lyxhydration.com/) , and a product that is now rolling out with big aspirations, especially for a solopreneur. As Jones puts it, “We want to be the Kleenex or the Google or the Apple of dog hydration.”
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.
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