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Suggest who benefitsThe Most Expensive Hire You Will Ever Make
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Suggest questionFor years, business owners complained about how tight the job market was and how hard it was to find good employees. Well, so much for that. Funny thing, though. In this week’s episode, William and Jay talk about how, in many ways, hiring has gotten even harder during the crisis. Part of it is having to rely more heavily on Zoom. And part of it is having to sift through the many people who are suddenly available to find the right person. “The most expensive hire you will ever make,” William tells us, “is hiring the wrong person. I mean, you can spend all the money you want on a search firm, and it’s still not as expensive as hiring the wrong person.”
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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