HIGHLIGHTS 

02:40 Patti's background and introduction to ESOPs

07:38 Protect your employees by selling the company to them 

12:23 Defining ESOP and "the second bite of the apple"

19:48 How to grow exponentially with an ESOP

28:14 When to exit via ESOP

31:31 Step-by-step: How to setup an ESOP 

40:41 The owner of the business can be seller and become the trustee

QUOTES

09:38 "I think, in my opinion, the only way to really protect your employees is to sell your company to them. Then you're protecting them."

12:36 "An ESOP is a retirement fund for your employees. So how it works is very similar to a 401k, but it's actually been stated that it's like a 401k on steroids."

20:01 "When you form an ESOP, you become a tax free entity. You no longer pay corporate taxes. So today you're paying 33 to 40% corporate taxes, tomorrow all that money goes to the bottom line on your balance sheet."

37:17 "Plus the second bite of the apple, the retirement benefit windfall for your staff, the management incentive program. If you have multiple shareholders, you can customize the ESOP transaction per shareholder. So it's very flexible that way." 

40:55 "What they do need every year is they need a valuation. The company has to have a valuation done on an annual basis, and that has to be reported to the trustee. That is the only requirement is that annual valuation."

To learn more about Patti, you can check out the links below.

• LinkedIn - https://www.linkedin.com/in/pattilplough/

If you enjoyed today’s episode, please subscribe, review and share with a friend who would benefit from the message. If you’re interested in picking up a copy of Jonathan Goldhill’s book, Disruptive Successor, go to the website at www.DisruptiveSuccessor.com.

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HIGHLIGHTS 

04:30 Justin takes a grassroots approach to running his family business

09:57 The different roles of family as motivators to success

14:34 Leadership books, earning respect as the leader, and learning constantly

24:13 Empathy and developing leaders vulnerability

32:47 Difficult conversations: When employees can't keep up with company growth 

39:25 A dirt bike accident gives the team the opportunity to step up

46:57 Advice to give to your 20-year old self  

55:13 Future forecast: What's in store for K&D Landscaping and Salescast

QUOTES

08:25 "That's what really sparked my interest was the sales side and the chase of trying to land that next client and trying to beat the numbers and beat the goals that you set for yourself on that project."

22:58 "You just never know what interaction is going to give you some great takeaways, so my thing is just always be open. Be open-minded, extremely open-minded, and try to learn from everyone around you."

30:32 "Vulnerability comes first. It's identifying the people who have that hunger to become a leader and who want the responsibility, and then it's coaching them on a week-by-week basis, helping them achieve their goals."

34:00 "The hard part about growth and 10x-ing a company is that, more than likely, 7 of those 10 people won't be with you in 5 or 10 years because what happens is they aren't able to grow at the pace you're needing to grow at."

48:57 "I've crewed several (Tony Robbins) events and actually I was able to experience a lot more by being in service to others than I was as a participant."

To learn more about Justin and Chris, you can check out the links below.

• LinkedIn - https://www.linkedin.com/in/justin-white-35b7a210b/
• Website - https://kndlandscaping.com/
• LinkedIn - https://www.linkedin.com/in/decker-christopher/
• Website - https://www.salescast.co/

If you enjoyed today’s episode, please subscribe, review and share with a friend who would benefit from the message. If you’re interested in picking up a copy of Jonathan Goldhill’s book, Disruptive Successor, go to the website at www.DisruptiveSuccessor.com.

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HIGHLIGHTS

03:35 Stage 1 of succession planning: Initial Planning

06:11 Stage 2: Leadership coaching of the next generation

09:11 Stage 3: Transition planning

11:38 Stage 4: Post-transition 

14:09 Stage 5: Purchase and sale

16:28 Common challenges and letting the next generation take on bigger roles 

24:36 Realizing when it's better to sell than transition

27:37 Disruptors: Innovation in product and leadership

36:01 Be kind to creating better results in Covid conditions 

41:03 Connect with Jeremy

QUOTES

11:18 "On one end of the spectrum, folks won't let go because they don't think anyone can do it. On the other hand, they let go and say, Jonathan, why haven't you figured this out yet?"

17:28 "Part of the challenge is just helping that leader in transition come to terms with what's happening and then sharing a process."

19:31 "How do we drive innovation through this process? Not how do we repeat the past."

21:23 "Until you really step up as business partners and thought leaders and drive strategy for the company, it's really easy for you to think of you as the kids or the not-quite-good-enoughs to run the company."

34:42 "What do we want to continue doing? We're already getting positive results. What do we want to start doing now that we have that foundation and success. What do we want to stop doing?"

To learn more about Dr. Jeremy Lurey, you can check out the links below.

• LinkedIn - https://www.linkedin.com/in/jeremylurey/
• Email - [email protected]

If you enjoyed today’s episode, please subscribe, review and share with a friend who would benefit from the message. If you’re interested in picking up a copy of Jonathan Goldhill’s book, Disruptive Successor, go to the website at www.DisruptiveSuccessor.com.

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Pat Soldano is the President of Family Enterprise USA; its mission is to promote the growth of family businesses in the US. In addition, she is the Founder and President of Policy and Taxation Group; it works with national legislators to reform/repeal the gift, estate, and generations skipping taxes. She is Principal Advisor to the Drucker School Global Family Business Institute, a CSUF Family Business Center member, and facilitates the Women's CEO Affinity Group. Pat is on the Family Business editorial committee for Trust & Estate Magazine and on the Investment Committee, Comp Committee, and Audit Committee for Alzheimer’s Orange County. Pat received an MBA from Claremont Graduate School, The Drucker School, and a BA in Business Administration from Cal State University Fullerton.

Patricia M. Soldano has spent over 30 years providing family office services. She developed Cymric Family Office Services into a multi-family office in 1996 and sold it to GenSpring Family Offices in January 2009. She was Managing Director of Western Region for GenSpring for five years and then a Family Office Consultant to GenSpring until December of 2017. Ms. Soldano is now a Family Business and Family Office Consultant working directly with families herself.

To learn more about Pat Soldano, you can check out the links below.

• Website - https://familyenterpriseusa.com/
• Website - https://policyandtaxationgroup.com/

If you enjoyed today’s episode, please subscribe, review and share with a friend who would benefit from the message. If you’re interested in picking up a copy of Jonathan Goldhill’s book, Disruptive Successor, go to the website at www.DisruptiveSuccessor.com.

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Jenny Dinnen’s true passion is to inspire people/companies to think beyond what they’re currently doing and empower them to act on that inspiration.

As a transformational business leader and certified Futurist, Jenny is in charge of driving innovation, excellence, and growth for MacKenzie Corporation and empowering its key clients across industries to achieve their goals. She focuses on developing long-term strategies and bold business practices that prioritize the customer experience and best position their clients for future success.

At MacKenzie, Jenny is directly responsible for directing all sales and marketing efforts for the company, including business development, partnerships, marketing strategy, and communications planning, to drive new growth and assure client retention. And as a Futurist, she also leads the technology/strategy team to develop forward-thinking opportunities to collect customer insights. A self-proclaimed lifelong learner, she maintains a ceaseless curiosity for learning and understanding everything she can about what’s new and next.

In her spare time, Jenny is passionate about growing the next generation of family business owners. She is on the board of Team Kids, the Board of the Hart Leadership Foundation, the Marketing Committee for One OC, and was a founding member of the Young Leaders group at the Center for Family Business at Cal State Fullerton.

To learn more about Jenny Dinnen, you can check out the links below.

• Website - http://www.mackenziecorp.com/
• Instagram - https://www.instagram.com/mackenziecorp/
• LinkedIn - https://www.linkedin.com/in/jenniferdinnen/

If you enjoyed today’s episode, please subscribe, review and share with a friend who would benefit from the message. If you’re interested in picking up a copy of Jonathan Goldhill’s book, Disruptive Successor, go to the website at www.DisruptiveSuccessor.com.

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Tom started his first company when he was 20 and bought his first business when he was 21. He was driven by the idea that he could create a life that he controlled. One where he could make his own decisions, create his own life/work balance, and pocket every dime he earned.

By the time he was 35, he had built, bought, and sold twelve businesses and was able to retire.

Being an entrepreneur and small business owner is in your blood. It’s insistent, something you can’t ignore and something that doesn’t go away. Tom discovered he could continue to satisfy that need by becoming a business broker. During his time as a broker, he matched small business buyers with businesses that were for sale. He diligently coached buyers on finding the right business to achieve their dreams of small business ownership.

He knows that the hardest part of owning a business is getting started. Setting up a location, creating a brand that will attract customers, engaging those customers, and providing the kind of customer service that will keep them coming back, is hard, especially if you’ve never done it before. The franchisee gets all the benefits of owning their own business without the pain of trying to figure out how to get started.

To learn more about Tom Hannon, you can check out the links below.

• Website - https://franchisingconnection.com/
• LinkedIn - https://www.linkedin.com/in/thomasphannonjr/

If you enjoyed today’s episode, please subscribe, review and share with a friend who would benefit from the message. If you’re interested in picking up a copy of Jonathan Goldhill’s book, Disruptive Successor, go to the website at www.DisruptiveSuccessor.com.

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Nike Anani is an entrepreneur and a Consultant. She was rated as a top-100 Family Business Consultant globally. She helps her clients bridge the gap between the senior and younger generations. As a result, they communicate, collaborate, and collectively gain clarity, to increase profit and productivity in their family businesses.

With over a decade of family business expertise in Africa, Nike helps owners lead their family organizations to long-term impact and legacy.

She is the host of "The Connected Generation" podcast - a top-10 Family Business podcast globally. To listen visit https://wavve.link/connectedgeneration

To learn more about Nike Anani, you can check on the links below.

• Website - https://nikeanani.com/
• Email - [email protected]
• LinkedIn - https://www.linkedin.com/in/nikeanani/
• Twitter - https://twitter.com/nikeanani
• Instagram - https://www.instagram.com/nikeanani/
• Facebook - https://www.facebook.com/nikeanani/
• YouTube - https://www.youtube.com/channel/UC1sKSoLVye4VtRA-Sj9WD9g?view_as=subscriber

If you enjoyed today’s episode, please subscribe, review and share with a friend who would benefit from the message. If you’re interested in picking up a copy of Jonathan Goldhill’s book, Disruptive Successor, go to the website at www.DisruptiveSuccessor.com.

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Dave Specht serves as the Director of the Global Family Business Institute at The Drucker School of Management. He is an ambassador for the family-owned business and writes, delivers keynote speeches, and develops programs on topics related to the family business.

Dave is the author of "The Family Business Whisperer" and has a consulting firm called "Advising Generations."

Before this role, he developed the Family Business Management program at the University of Nebraska. He served as National Development Manager for the Family Dynamics Program at Wells Fargo Private Bank.

To learn more about Dave Specht, you can visit him on the links below.

• Website - https://www.cgu.edu/center/drucker-school-global-family-business-institute/
• Website - http://www.davespecht.com/

You can also get a copy of Dave’s book called “The Family Business Whisperer” at Amazon.com.

If you enjoyed today’s episode, please subscribe, review and share with a friend who would benefit from the message. If you’re interested in picking up a copy of Jonathan Goldhill’s book, Disruptive Successor, go to the website at www.DisruptiveSuccessor.com.

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Scott Snider is the nationally recognized industry leader, growth specialist, and lifetime entrepreneur who is the President of the Exit Planning Institute (EPIC) and leads the strategic direction and growth of the company while also overseeing the operations. Having purchased the organization in 2012 with his father, Chris Snider, Scott assumed the leadership role where he expanded the company regionally, nationally, and globally, and provided transformational educational experiences to advisors from all specialties. 

As someone who has experienced exiting his own business, Scott is very passionate about helping business owners create companies that are true to their worth and establish an alignment with their personal financial plans. He also helps these same owners find and tap their personal purpose. These are how Scott and his team at EPI work their expertise and they achieve these by educating professional advisors who surround the business owner throughout the journey. They make it a point to create not just significant companies but also significant teams and outcomes. 

Utilizing his biggest talents, market penetration and rapid growth strategies, Scott was able to launch his first business at 17, which he established outstandingly and exited successfully at 24 to join forces with his father’s private exit planning and M&A firm - Aspire Management. Within a year, he transformed Aspire into one of the most influential boutique advisory firms in Cleveland. It’s from this point on that drove him, together with his father, to purchase the Exit Planning Institute, develop the Value Acceleration Methodology, write an Award-winning book, and effectively increase the business by 10x its purchasing size. 

Learn more and connect with Scott Snider through his LinkedIn - https://www.linkedin.com/in/scott-snider-epi/

If you enjoyed today’s episode, please subscribe, review and share with a friend who would benefit from the message. If you’re interested in picking up a copy of Jonathan Goldhill’s book, Disruptive Successor, go to the website at www.DisruptiveSuccessor.com.

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Heidi J. Ellsworth has worked in the roofing industry since 1993 and has held positions with Malarkey Roofing, Carlisle Construction Materials, and EagleView Technologies. She is currently a partner with RoofersCoffeeShop® and the owner of HJE Consulting.

Working with both RoofersCoffeeShop and HJE Consulting, she can focus on supporting overall marketing strategies, sales success, and content development for companies and associations within the roofing industry. With a passion for networking and win-win scenarios, she continues to provide consulting and progressive digital advertising opportunities for companies and associations building strong collaborations for business profitability and success.

Heidi Ellsworth is a contributor to Professional Roofing, Florida Roofing Magazine, Roofing Magazine, and authors a Western Roofing, Siding & Insulation Magazine column that focuses on marketing tactics for roofing contractors. She currently consults with the National Roofing Contractors Association and the Roofing Alliance while serving on the boards of Western States Roofing Contractors Association and METALCON Advisory Council along with Roofing Technology Think Tank (RT3) and National Women in Roofing, two organizations that she helped launch.

If you enjoyed today’s episode, please subscribe, review and share with a friend who would benefit from the message. If you’re interested in picking up a copy of Jonathan Goldhill’s book, Disruptive Successor, go to the website at www.DisruptiveSuccessor.com.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.