Podcasts about esop

August 27, 2026 The Invisible Billion-Dollar Industry w/ David Giannetto ( DT 473 ) David Giannetto is the CEO of Felix Construction, a 500-person water and wastewater contractor based in Phoenix. He converted Felix to an ESOP in February 2025, cut turnover in half within the first year, and watched profitability follow. Follow David on LinkedIn at: https://www.linkedin.com/in/david-giannetto-882aa511/ Learn more about Felix Construction at: https://felixconstruction.com/ Want to better develop your civil construction workforce and leaders? Check out BuildWitt Improve! https://buildwitt.com Questions or feedback? Email us at dirttalk@buildwitt.com! Learn more about your ad choices. Visit megaphone.fm/adchoices

Long-term care isn't just a health issue. It can become a major financial and family decision. Most of us hope we'll never need extended care, but wise stewardship means preparing for possibilities before they become a crisis. And while long-term care insurance may be part of that preparation, the first step isn't necessarily buying a policy. It's having a plan. Nathan Sanow, President of LTC Consumer and MasterCare LLC, has spent more than two decades helping individuals and families navigate long-term care planning. He says the most important place to begin is understanding what would happen if you or someone you love needed care for an extended period. Start With a Long-Term Care Plan People often hear “long-term care” and immediately think about insurance premiums. But insurance is simply one potential way to fund a larger plan. A good long-term care plan begins by asking several practical questions: Who would provide your care if you needed help? Would that person be physically and emotionally able to do it? Where would you prefer to receive care? How would your care affect your family? Most importantly, how would you pay for it? These conversations can be difficult, but they are much easier to have before a crisis occurs. Planning ahead also gives family members an opportunity to understand your wishes rather than making major decisions under pressure. What Medicare, Medicaid, and Health Insurance Actually Cover One of the most common misconceptions about long-term care is that Medicare or regular health insurance will cover the cost. In most cases, they will not. Medicare may pay for certain short-term rehabilitation services after a qualifying hospital stay. For example, someone recovering from a stroke or surgery may receive temporary rehabilitative care. But Medicare generally does not pay for ongoing custodial care—the type of help someone may need with everyday activities over an extended period. Traditional health insurance generally does not cover that kind of care either. Medicaid can pay for long-term care, but eligibility requires meeting strict financial requirements. That often means spending down assets significantly before qualifying for assistance. Another common source of confusion is long-term disability insurance. Long-term disability insurance replaces a portion of your income when you are unable to work. Long-term care coverage, by contrast, helps pay for the care you need when you can no longer adequately care for yourself. Where Long-Term Care Insurance Fits Long-term care insurance is essentially a risk-transfer tool. Instead of assuming the full financial risk of an unpredictable long-term care event, you pay a predictable premium and transfer some of that risk to an insurance company. Many policies allow considerable flexibility in how benefits are used. Depending on the policy, coverage may help pay for professional care at home, assisted living, or a long-term care facility. That flexibility matters because many people would prefer to remain at home as long as possible. Some policies also provide caregiver support services. When a long-term care event occurs, families are suddenly forced to navigate providers, facilities, benefits, and major financial decisions. Having professional guidance available during that process can be valuable in itself. How Much Does Long-Term Care Insurance Cost? The cost of coverage varies significantly depending on the type of policy, age, health, benefits selected, and length of coverage. Sanow says consumers can think of long-term care insurance much like buying a vehicle: there are inexpensive options, premium options, and many choices in between. Based on his company's experience with thousands of consumers, hybrid life and long-term care policies may cost considerably more than traditional coverage, while shorter-term policies can cost less. The important point is that coverage can often be customized. Rather than asking, “How much does long-term care insurance cost?” a better question may be, “How much of this risk do I need to insure?” A household might choose insurance that covers only part of the potential cost while planning to pay the remainder from savings or other assets. The Financial Risk of Long-Term Care The potential cost of extended care is what makes planning so important. According to figures discussed by Sano, roughly half of Americans may eventually need professional long-term care services lasting 90 days or more. Women face an especially significant risk of needing care for an extended period. And the costs can add up quickly. In some areas of the country, facility-based care can cost well over $10,000 per month. Even one year of care could consume more than $100,000. For someone with substantial savings, that may simply represent an expense they have chosen to self-insure. But for many households, an extended care event could significantly alter a retirement plan, affect a surviving spouse, or reduce assets intended for other purposes. That is why every household should at least identify how those expenses would be paid. Should You Self-Insure? Not everyone needs long-term care insurance. Some households with significant assets may be comfortable paying for care themselves. Others with limited resources may ultimately depend on Medicaid. But many families fall somewhere in between. For those households, the question is whether they could comfortably absorb a long-term care expense without jeopardizing other financial priorities. If you decide to self-insure, the plan still needs to be specific. Which assets would you use? Are those funds liquid enough to access when needed? Would spending them affect the financial security of your spouse? Simply saying, “We'll use our savings,” is not the same as having a plan. When Should You Consider Coverage? For many people, the early 50s through mid-60s can be an important window for considering long-term care insurance. Waiting too long can create challenges because premiums generally increase with age, and health problems may make coverage more difficult—or impossible—to obtain. At the same time, newer insurance products have created additional options for some older consumers who might not have qualified for traditional coverage in the past. That makes it important to evaluate your options while you are still healthy rather than assuming you can purchase coverage later. What About Premium Increases? Long-term care insurance has faced criticism over the years because some traditional policies experienced significant premium increases.  Today, however, consumers may have additional choices. Some hybrid life and long-term care policies offer premiums that are contractually guaranteed not to increase. Sanow also notes that insurers now have decades of additional claims and interest-rate data that were not available when many older policies were originally priced. That information can help companies make more informed assumptions when designing newer products. Still, consumers should understand whether premiums are guaranteed or whether they could increase over time before purchasing any policy. Newer Long-Term Care Options Long-term care products have also become more flexible. One growing option is a cash-benefit policy. Once the policyholder qualifies for benefits, the insurance company provides a set cash amount that can potentially be used more freely—including paying certain family members or other caregivers, depending on the policy. Another development is the movement from daily benefit limits toward monthly benefits. That distinction can be especially helpful for people receiving home care only a few days each week. Instead of being limited to a specific amount per day, a monthly benefit provides more flexibility in how the available benefit is used throughout the month. As always, policy details vary, so understanding exactly how benefits are calculated and paid is essential. Have the Family Conversation First Long-term care planning ultimately begins with people, not policies. Before researching insurance, sit down with your spouse, children, or other family members and talk honestly about what you would want if you needed extended care. Ask: Who would provide care? Where would you want to receive it? What would that responsibility require from your family? And where would the money come from? Once you understand the answers, you can begin evaluating whether savings, investments, insurance, or some combination of those resources should fund the plan. If insurance may be appropriate, consider working with an independent professional who understands the underwriting requirements of multiple carriers. Health standards can vary significantly between insurers, and the right guidance may help you evaluate the options available to you. Long-term care insurance isn't right for every household. But long-term care planning is something every family should consider. Preparing ahead can protect more than your finances. It can give your family clarity, preserve choices, and reduce the burden of making difficult decisions during an already stressful season.  That, too, is part of wise stewardship.  To learn more about long-term care planning and explore your options, visit LTCConsumer.com. On Today's Program, Rob Answers Listener Questions: My family and I want to buy the home we've been renting, and our landlord is offering us a good price. We have about 25% saved for a down payment. Since we already know the property, who should we work with to handle the legal documents, closing, and other purchase details? I'm 39 and expect about $100,000 from an ESOP payout in 2027. My wife and I have roughly $60,000 in credit card and tax debt. Should we use the payout to eliminate the debt or roll it into my 401(k) for retirement? I'm updating my will and would like to leave part of my estate to my three children and a meaningful portion to three ministries I support. Is that a wise and God-honoring way to structure my estate? Resources Mentioned: Faithful Steward: FaithFi's Quarterly Magazine (Become a FaithFi Partner) LTC Consumer | MasterCare Splitting Heirs: Giving Your Money and Things to Your Children Without Ruining Their Lives by Ron Blue with Jeremy White FaithFi Field Guide: How Much Money is Enough?  Our Ultimate Treasure: A 21-Day Journey to Faithful Stewardship by Rob West Wisdom Over Wealth: 12 Lessons from Ecclesiastes on Money Look At The Sparrows: A 21-Day Devotional on Financial Fear and Anxiety Rich Toward God: A Study on the Parable of the Rich Fool Find a Certified Kingdom Advisor® (CKA) FaithFi App Remember, you can call in to ask your questions every weekday at (800) 525-7000. Faith & Finance is also available on Moody Radio Network and American Family Radio. You can also visit FaithFi.com to connect with our online community and partner with us as we help more people live as faithful stewards of God's resources. 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Most CPA firms are terrified of AI. We used it to go from 2 employees to 10 in one year. In this episode of the Measure Success Podcast, I sit down with Tommy Breedlove, CPA-turned-executive-coach and bestselling author of Legendary, to talk about the fear driving business owners right now, why AI still gets the basics wrong, and why reinvesting in yourself might be the only real hedge against an uncertain economy. Episode highlights: • Why fear — not the economy — is the real threat to business owners right now • How AI gets basic accounting wrong, and why human judgment still wins • Reinvesting 10% of revenue into yourself and your business every year • Why private equity is loading CPA firms with debt, and what that means for the industry • Building an ESOP instead of selling: creating a legacy that outlasts you Watch the full episode and ask yourself: What are you doing today that you'll wish you'd done sooner? Connect with Tommy: LinkedIn: https://www.linkedin.com/in/legendarybook/ Website: https://www.livelegendary.today/ Legendary Book Link: https://www.amazon.com/Legendary-Tommy-Breedlove/dp/1642795534  

Hello and welcome everybody. This is E 769 of Startuprad.io, recorded solo by Joe Menninger from Frankfurt am Main. Part 4 of The European Scale-Up Question. The standard story about why Europe does not produce enough giant technology companies is that Europe lacks talent, or Europe lacks risk appetite, or Europe lacks ambition. That story is wrong. Europe has 3.5 million tech workers. Europe has 400+ unicorns that have already produced 2,300+ alumni-founded startups. What Europe lacks is something more specific — and more fixable. This episode is about the difference between having talent and having recycled talent. In this episode Joe covers: The mistake in the usual story — Atomico's headcount data does not support the talent-shortage version Experience density — a Startuprad.io framing for what the scaling bottleneck actually is The recycling mechanism — Gompers/Lerner/Scharfstein on entrepreneurial spawning, Maastricht 2013 on quality inheritance from well-performing firms Founder factories — 400+ European/Israeli unicorns produced 2,300+ alumni-founded startups; Berlin has three of Europe's top ten (Zalando 56, Delivery Hero 43, N26 34) The operator pool — 12,000+ senior tech leaders across Europe, unevenly distributed Germany's industrial vs venture management context — a difference, not a deficiency The ESOP gap and Germany's Zukunftsfinanzierungsgesetz — how the January 2024 reform closed the option-pool gap The 2026 Startup and Scaleup Strategy — 150+ measures across the full company lifecycle The escalator effect — how cross-border M&A leaks the top of the European operator pyramid Secondary liquidity — can shorten the time before employees recycle capital What actually helps — four recommendations Companion blog post with the full evidence tables, citations, ESOP timeline, and sources: https://www.startuprad.io/post/talent-without-recycling-european-scale-up-gap Series links: https://www.startuprad.io/post/the-european-scale-up-question (central pillar) · https://www.startuprad.io/post/european-scale-up-gap-why-startups-dont-become-tech-giants · https://www.startuprad.io/post/fragmentation-europes-hidden-growth-tax · https://www.startuprad.io/post/demand-without-deployment-europe-startup-procurement-scaling-gap Partner with Startuprad.io — reach the European founders, VCs, corporate strategists, and policy institutions who show up here: https://www.startuprad.io/become-a-partner — Startuprad.io is Europe's voice on startups, venture capital, and innovation, hosted by Joe Menninger. Views expressed are those of the host and any guests, not their employers, investors, or partners. Nothing in this episode constitutes investment, legal, or tax advice. Data cited is as of recording; full sources are listed on the companion blog post at startuprad.io. Corrections and feedback: partnerships@startuprad.io. © Startuprad.io. Folge direkt herunterladen

Watch this episode on YouTube! What if selling your business didn't mean selling its future? For many entrepreneurs, the traditional exit strategy is to sell to a competitor, private equity or another outside investor. But what if the people who helped build your company could become its owners? In this episode of The Small Business Mindset, I sit down with Michael Brownrigg with Apis & Heritage and Moriah Dean with Calvert Impact to umpack the world of employee ownership. We talk about ESOP's, worker-owned cooperatives, employee owned trusts, succession planning, rural communities, employee retention, and perhaps most importantly, legacy.  Because eventually, every business owner has to answer one question: What happens to the business when you're the one no longer running it? and maybe the better question is: Who should benefit from the wealth you've created? This conversation may change the way you think about your exit strategy. Connect with Kirsten at: Instagram Facebook LinkedIn

What if the most important introduction of your career started with raking a sand bunker? In this episode, Bob Whalen, CEO of HB Global and author of Beyond Your Ownership, shares how a 112-year-old mechanical contracting company in Central Pennsylvania became one of the most powerful examples of employee ownership in America. Today HB Global has 2,500 employee owners, over $215 million in value sitting in Pennsylvania employee accounts, and a mission that Bob describes simply: serve the employees who own the company. None of it would have happened without a caddy job at a golf tournament 40 years ago, a board member named Mark Caldwell who came to Bob unsolicited, and a high school football coach who made a phone call he never had to make.   [00:06:00] What He Does and Who He Serves CEO of HB Global, an employee-owned holding company of mechanical contracting and service businesses Serves HVAC, plumbing, electrical, and construction clients across commercial and residential sectors Primary mission is serving the 2,500 employees who own the company through an ESOP [00:09:00] How He Got Here Came out of his MBA in 2004 wanting to lead a business like a sports team Got an opportunity to join H.B. McClure, a 94-year-old iconic company in Central Pennsylvania Joined in April 2008; didn't know yet that the recession had already started Bought a minority interest and used business cash flows to acquire the rest [00:11:00] The ESOP Discovery Looking for tax efficiency in the ownership transition led him to employee stock ownership plans In October 2010, sold the business to an ESOP trust; it changed his entire professional mission The median ESOP balance for employees who were there in 2010 is now over half a million dollars Over $215 million in value now sits in accounts of people living in Pennsylvania communities [00:12:00] The Book and the Mission Wrote Beyond Your Ownership to create awareness for business owners planning succession Ten million businesses are expected to need a succession plan over the next decade Selling back to employees keeps jobs local, builds community wealth, and preserves legacy Most sellers become disenchanted after selling; an ESOP keeps the legacy and culture intact [00:19:00] The Relationship That Changed Everything: Mark Caldwell Forty years ago, Bob caddied for his father-in-law and his partner at a golf tournament That partner was Mark Caldwell, who 20 years later sat on the board of H.B. McClure Mark came to Bob unsolicited and asked if he would be interested in the succession of the company That one invitation, which started on a golf course, had the biggest professional impact of Bob's life [00:22:00] What That Relationship Taught Him Relationships are built over long periods of time; short-term effort creates long-term results Bob gave more than he received throughout the relationship; Mark gave back far more than Bob ever gave Most things in life come from a disciplined, consistent approach over a long period of time His whole philosophy: give more than you receive [00:23:00] The Second Relationship: Coach Ray Erdy and Coach Bob Craig A local high school football coach reached out unsolicited to William and Mary on Bob's behalf Bob was injured most of his senior year; there wasn't much film on him, but the coach believed in him anyway His wrestling coach Bob Craig lived the same philosophy: helped any athlete who wanted his help His daughter's pole vault coach did the same; it taught Bob that giving freely is both right and rewarding [00:28:00] How to Get Involved with ESOPs Companies can either start their own ESOP or sell to an existing one like HB Global Setting up your own ESOP costs multiple hundreds of thousands of dollars and roughly $75,000 to $100,000 a year to operate There is no size threshold for selling to an existing ESOP; HB Global has acquired companies with as few as two to five employees Website is hb-global.com; Bob makes himself available to any owner interested in employee ownership   KEY QUOTES "Give more than you receive. Mark showed me that. If you figure that out early, it leads to a lot of good things down the road." - Bob Whalen "I've never turned down an introduction from a good friend. In my 56 years, not one time." - Bob Whalen CONNECT WITH BOB WHALEN Website: https://www.hb-global.com Book: https://a.co/d/0i8Xi6Rg LinkedIn: https://www.linkedin.com/in/bob-whalen-4023a21b   Thanks for tuning in! If you liked my show, please LEAVE A 5-STAR REVIEW, like, and subscribe! Find me on: Apple Podcasts | Spotify | iHeart Radio | Stitcher

Your processes can be documented, and your operations can still be fragile. In this episode of the Foundations of Transition series, Jason Miller and Makenzie Ragland explore the eighth foundation: Process Maturity and Operational Strength. They discuss why strong operations involve more than just having documented procedures and focus on building an organization that is curious enough to improve continuously. By examining how work actually flows through a business rather than relying on organizational charts or written processes, owners can uncover hidden bottlenecks, operational risks, and opportunities to create a more resilient organization. Additionally, they also explore the role of curiosity in developing a transferable business, explaining how "hero" employees, undocumented workarounds, and routine habits can quietly create dependencies that limit growth. They provide practical questions that owners can ask to gain a clearer understanding of how work is actually accomplished and explain why creating a culture of continuous improvement not only strengthens daily operations but also prepares a business for a successful ownership transition.

From a two-for-one lawn-mowing deal he negotiated with his neighbor as a kid to founding a holding company that keeps established Virginia businesses in Virginia, Andrew Dunlap shares his data-driven origin story, a fund built to avoid short-term pressure, and why he believes trust is the only currency that always matters. Andrew is the founder and CEO of Harbor, a long-term, buy-and-hold company that acquires established Virginia businesses and keeps their teams, leadership, and jobs rooted in the state. In roughly two years he has completed three deals, including a CNC machine shop and a FINRA-registered broker dealer, with an industrial services company moving toward close. He describes himself as someone who stumbled backward into this work by digging into merger and acquisition data. WHAT YOU'LL LEARN: You will learn why keeping a company's headquarters local changes how much of its revenue recirculates in the community, how an untimed fund with no AUM fees removes the pressure to make what Andrew calls caffeinated decisions, how Harbor structures flexible deals to become the buyer owners actually prefer, the earnout test that separates a real growth forecast from a wishful one, and why Andrew treats trust as the most durable asset in any market. ANDREW'S JOURNEY: Andrew grew up in Baltimore and moved to Roanoke, in Virginia's southwest, ten years ago. Coming out of a venture-backed startup in Richmond in January of 2024, he noticed how few senior roles existed in his region, then pulled the merger and acquisition databases to find out why. He discovered that 87 percent of external buyers in Roanoke, and 82 percent across Virginia, were from out of state, which meant companies and their leadership kept leaving. The research he found showed that a locally headquartered company recirculates roughly 52 to 53 cents of every revenue dollar in its community, a figure that falls to about 14 cents once the headquarters moves to a larger city. That gap became the foundation for Harbor. TRUST AS THE ONLY CURRENCY: Andrew closed the conversation on a theme he keeps returning to. Trust, he argued, is the one thing that holds when assets turn and revenue streams dry up, and he sees it as underdeveloped in a digital, globalized world where people invest too little in relationships. KEY INSIGHTS: Andrew's foundational insight is that owners care deeply about who becomes the next steward of what they built. He lays out three options for a seller, a strategic buyer, a private equity firm, or a buyer like Harbor that keeps the team in the town where it grew up, and owners consistently choose the path that protects the legacy. Harbor backs that up with flexible structures, using earnouts, seller financing, and varying equity so the deal fits the owner. His most timely insight is that trust outlasts any single asset or revenue stream. When tungsten prices spiked because of China and hit his machine shop, Harbor could call a congressman who came to walk the shop floor. Andrew credits relationships, built in part through writing openly on LinkedIn, for access that does not show up on a balance sheet. Perfect for owners weighing succession, investors interested in longer-hold alternatives to private equity, and anyone curious about how local ownership shapes a regional economy. FOR MORE ON THIS EPISODE: https://www.coreykupfer.com/blog/andrewdunlap FOR MORE ON ANDREW DUNLAP:https://harbor.capital https://www.linkedin.com/in/dunlapandrew/ FOR MORE ON COREY KUPFER https://www.linkedin.com/in/coreykupfer/ https://www.coreykupfer.com/ Corey Kupfer is an expert strategist, negotiator, and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker. He is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast. Get deal-ready with the DealQuest Podcast with Corey Kupfer, where like-minded entrepreneurs and business leaders converge, share insights and challenges, and success stories. Equip yourself with the tools, resources, and support necessary to navigate the complex yet rewarding world of dealmaking. Dive into the world of deal-driven growth today! Episode Highlights with Timestamps [00:00:00] - Introduction and overview of Harbor [00:01:48] - Andrew's first deal, a two-for-one lawn-mowing bulk rate [00:02:42] - How he stumbled backward into building Harbor [00:05:05] - The recirculation research, 52 to 53 cents local versus 14 cents once a headquarters leaves [00:13:25] - The untimed fund and avoiding caffeinated decisions [00:21:00] - The Clark Precision Machine acquisition and the owner's five-year contract[00:34:54] - The red flags that kill a deal and the earnout bluff test [00:45:32] - Why trust is the only currency that always matters [00:49:40] - The freedom question Guest Bio Andrew Dunlap is the founder and CEO of Harbor, a holding company that buys established Virginia businesses to keep them in the state. He grew up in Baltimore, moved to Roanoke a decade ago, and came into acquisitions after coming out of a venture-backed startup in Richmond in early 2024, where he had helped build a software company with users in 60 countries. Harbor's leadership also includes M&A and securities attorney Tad Fisher and operations leader Krista Glassburn, who previously ran a manufacturing company in Tazewell, Virginia and grew it from 15 to 190 million dollars while acquiring seven companies. In its first two years, Harbor has acquired a CNC machine shop, a FINRA-registered broker dealer, and moved toward closing on an industrial services company. Show Description Do you want your business to grow faster? The DealQuest Podcast with Corey Kupfer reveals how successful entrepreneurs and business leaders use strategic deals to accelerate growth. From large mergers and acquisitions to capital raising, joint ventures, strategic alliances, real estate deals, and more, this show discusses the full spectrum of deal-driven growth strategies. Get the confidence to pursue deals that will help your company scale faster. Related Episodes Episode 328 - Richard Manders: How private equity roll-ups create value versus simply aggregating for a multiple arbitrage exit Episode 325 - Kelly Finnell: Using an ESOP as an exit that can preserve a company's independence and reward its people Episode 332 - John Martinka: Buying a business and transitioning from a corporate career into acquisition entrepreneurship Keywords/Tags Andrew Dunlap, Harbor, buy and hold holding company, keeping businesses local, Virginia acquisitions, mergers and acquisitions, business succession planning, alternative to private equity, earnouts, seller financing, deal structure, CNC machine shop, FINRA broker dealer, metal fabrication, economic recirculation, DealQuest Podcast, Corey Kupfer

Most construction owners think they have four exit options. Pass it to a kid. Sell to an employee. Sell to a competitor. Sell to private equity. The reality is harder. Private equity passes on most contractors. Competitors often aren't buying. That's why ESOPs are now the fastest-growing succession trend in construction. Kelly Finnell, CEO of EFS ESOP Consultants, has done 22 ESOPs for general and specialty contractors in recent years. In this episode, Kelly explains how the deal is actually structured, what the owner walks away with, and where most owners are wrong about "leaving money on the table." What you'll learn: Why construction is the fastest-growing industry for ESOPs in the country The three sources of capital that fund an ESOP: bank loan, seller note, excess cash How two contractors with $3M EBITDA sold for $25M to an ESOP after $12M offers from a strategic buyer Why an owner is not personally on the hook for the ESOP bank loan How to manage the repurchase obligation so it doesn't crush you in a down year The first two moves to make if you're 58 and seriously considering this path   Connect with Kelly Finnell on LinkedIn: https://www.linkedin.com/in/esopcoach/ Kelly's Website: www.execfin.com Kelly's Book, The ESOP Coach: https://www.amazon.com/ESOP-Coach-Ownership-Succession-Paperback/dp/B010CKUN9U National Center for Employee Ownership: https://www.nceo.org/ Free Succession Planning Guide: https://www.constructiongenius.com/free-succession-planning-guide

What if you could step away from your family business without walking away from everything you've built? What if your exit strategy could protect your people, preserve your culture, and secure your legacy for generations to come? "I've spent decades building this business. How do I leave without losing it?" "I don't want to sell to a buyer who will change everything we've worked for." "Is there a way to retire while keeping our employees and company values intact?" "How do I create an exit plan that benefits both my family and my team?" This conversation gives you the answer. In this episode of The Family Biz Show, host Michael Palumbos sits down with Tracy Till, former Chairman and co-founder of Butler Till, and Rob Brown, a nationally recognized ESOP attorney, to explore how Employee Stock Ownership Plans (ESOPs) can provide an alternative path for family business owners preparing for succession or retirement. Rather than viewing an exit as the end of the business, they explain how an ESOP can become a strategy for preserving company culture, rewarding loyal employees, and creating a lasting legacy. The discussion also highlights why trust, leadership development, and intentional succession planning are essential long before ownership changes hands. Meet the Guests Tracy Till is the former Chairman and co-founder of Butler Till, the Rochester-based marketing and communications firm that successfully transitioned to 100% employee ownership. Today, she serves on corporate and nonprofit boards and helps private companies strengthen governance and strategic leadership. Rob Brown is a nationally recognized attorney focused exclusively on employee ownership and ESOPs. For decades, he has advised closely held and family-owned businesses on succession planning, ownership transitions, and ESOP implementation across the United States. Together, they share practical insights from both the legal and leadership perspectives of employee ownership. Why This Episode Matters This conversation goes beyond the technical aspects of ESOPs. You'll discover why the strongest succession plans begin with culture, how trust creates future leaders, why founders often struggle to let go, and what family business owners should consider before choosing an exit strategy. The episode also explores the financial advantages of ESOPs, the importance of independent boards, and why preserving a company's mission can be just as valuable as maximizing the sale price. In This Episode, You'll Learn: Why an ESOP may be the right exit strategy for preserving your family business legacy. How employee ownership can strengthen culture, retention, and long-term growth. Why trust and leadership development are critical before any ownership transition. How boards of directors help family businesses navigate succession and strategic growth. What founders should consider emotionally and financially before stepping away. How ESOPs compare with selling to outside buyers or strategic acquirers. Why protecting your people can become one of the greatest measures of business success. Whether you're beginning to think about succession, evaluating exit strategies, or looking for ways to preserve the values your family business was built on, this episode offers practical guidance and real-world experience from leaders who have successfully navigated the journey. Listen now and discover how thoughtful succession planning can help you exit your business without losing the legacy you've worked so hard to build. Learn more and explore more Family Biz Show episodes: https://www.familybusinessflywheel.com/podcast

Josh Hobein, manager of cybersecurity and automation at Centrex IT, discusses how MSPs can be run like five-star restaurants by prioritizing service, empathy, and experience over mere SLA “checkbox” performance. Drawing on his background in restaurant management, he explains how hospitality skills translate to tier-one helpdesk and why culture is defined by what leaders tolerate, requiring top-down standards, accountability, recognition, and sometimes letting misaligned people go; Centrex's ESOP model also supports ownership and buy-in. On security, he describes a simplified five-stage maturity model built from cyber insurance requirements and CIS controls (favoring CIS for its programmatic implementation groups) to help non-technical owners understand progress via a roadmap. He cautions against fear-only security selling, advocating education-based conversations, and emphasizes business-decision-focused tabletop exercises (including IRGame.ai) plus the importance of cyber insurance and minimum security baselines.Check out a scene from The Bear that demonstartes what choosing excellence looks like. This episode is brought to you by Opsleader Pro. A place for MSP owners and managers to get the systems and tools they need to build a stable and growing MSP. Part group coaching, part peer group, everything you need to run a successful MSP. (00:00) - Meet Josh Hobein (00:41) - Michelin Star MSP Mindset (02:25) - Hospitality to Helpdesk (04:39) - Service That Wins Loyalty (06:56) - Beyond SLAs With XLAs (09:36) - Leading Culture and Standards (13:06) - From IT to Restaurants Back (19:13) - Frameworks Without Jargon (22:11) - Five Stage Security Maturity (23:28) - Maturity Model Roadmap (24:57) - Fear vs Education Sales (26:00) - Dark Web Scan Reality (29:02) - Trust Through Assessments (30:17) - Cyber Insurance Minimums (32:26) - Walking Away From Risk (33:04) - Waivers and Enforceability (34:41) - Minimum Standards and Compromises (36:28) - Tabletops for Executives (39:13) - Roleplay High Stakes Decisions (41:15) - Practice Like a Restaurant Rush (42:16) - Next Monday Action Steps (43:39) - Closing and Resources

ESOPs are often presented as one of the best ways for a business owner to exit. You preserve your company's independence, reward the employees who helped build it, and create a retirement benefit that can be life-changing for the people who stay with the business. What gets less attention is that ESOPs are still businesses. They can lose customers. They can hit hard times. And because employees' retirement savings are often tied to the company, the stakes can be even higher than they are at a conventionally owned business.This week, Roland Burdett tells the story of Miklos Systems, a Virginia defense contractor that became an ESOP in 2006 and spent nearly two decades building an ownership culture in which employees truly thought and acted like owners. Then came the pandemic, the Great Resignation, and, most recently, the uncertainty created by DOGE and deep cuts to federal contracting. Suddenly, Roland found himself worrying not only about his employees' jobs, but about their retirement savings as well.Rather than continue rolling the dice, Miklos made the difficult decision to sell itself to a larger defense contractor. Roland takes us inside that process—from explaining the decision to employee-owners, to working with an outside trustee who ultimately had the authority to approve the deal, to the surprising complexity of unwinding an ESOP after 20 years. Along the way, he offers a refreshingly candid look at both the strengths and the limitations of employee ownership, and why, in the end, protecting the people who had helped build the company meant giving up the independence they had worked so hard to preserve. This episode is brought to you by Grasshopper Bank.

Join the Craig and Julie as they dive deep into a jam-packed Wednesday broadcast covering the latest Q2 earnings, market trends, rail updates, and freight technology! In This Episode: Market Dynamics & Q2 Earnings Overdrive: The hosts unpack earnings season highlights across the supply chain, analyzing surging revenue metrics, tight capacity, and how asset-based carriers like Werner Enterprises, Night-Swift, and Old Dominion (posting an unheard-of 70.1 operating ratio!) are navigating the market recovery. Trailer Optimization with Repower: Chris Hines, CEO of Repowr ("The Trailer Whisperer"), discusses the launch of TOP (Trailer Optimization Platform). Learn how automating execution layers and managing trailer pools helps carriers eliminate empty miles, improve driver retention, and stop revenue leak. Inside an Employee-Owned Fleet: Brent Nussbaum, CEO of Nussbaum Transportation, shares why transitioning to an ESOP in 2018 transformed their culture, maintained an impressive ~30% turnover rate, and created sustainable growth. Plus, a look at how Nussbaum is leveraging their new pricing technology, BidRight. Rail Industry & STB Merger Updates: Bill Stevens, Editor of Trains Magazine, drops in for the weekly Association of American Railroads (AAR) report. The team breaks down carload and intermodal trends, along with key takeaways from the "Future of Rail" symposium regarding Union Pacific and Norfolk Southern's proposed transcontinental merger. OEM Market Analysis: Chris Versace (Chief Investment Officer at Tematica / Portfolio Manager at TheStreet Pro) analyzes transport stocks, UPS's restructuring struggles against Amazon Flex, and PACCAR's strong demand outlook amidst the impending EPA 2027 emissions pre-buy. ⁠Follow the FreightWaves Today Podcast⁠ ⁠Other FreightWaves Shows⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

The most common question we hear may seem simple, but it can significantly change the outcome of a deal. Should you remain an S corporation or convert to a C corporation? In this episode, Jason Miller and Makenzie Wirth break down the key differences between the two structures and how each one affects the company and its selling shareholders. They also discuss the unique tax advantages associated with each approach.From S corporation tax exemptions to Section 1042 capital gains deferral, this conversation highlights the various factors that influence your decision, including ownership goals, liquidity needs, future growth plans, financing strategy, and long-term succession objectives. Whether you are just starting to explore an Employee Stock Ownership Plan (ESOP)  or evaluating transaction structures, this episode provides a practical framework for understanding why there is no one-size-fits-all answer. The right structure depends on your specific goals and circumstances.

Join the Craig and Julie as they dive deep into a jam-packed Wednesday broadcast covering the latest Q2 earnings, market trends, rail updates, and freight technology! In This Episode: Market Dynamics & Q2 Earnings Overdrive: The hosts unpack earnings season highlights across the supply chain, analyzing surging revenue metrics, tight capacity, and how asset-based carriers like Werner Enterprises, Night-Swift, and Old Dominion (posting an unheard-of 70.1 operating ratio!) are navigating the market recovery. Trailer Optimization with Repower: Chris Hines, CEO of Repowr ("The Trailer Whisperer"), discusses the launch of TOP (Trailer Optimization Platform). Learn how automating execution layers and managing trailer pools helps carriers eliminate empty miles, improve driver retention, and stop revenue leak. Inside an Employee-Owned Fleet: Brent Nussbaum, CEO of Nussbaum Transportation, shares why transitioning to an ESOP in 2018 transformed their culture, maintained an impressive ~30% turnover rate, and created sustainable growth. Plus, a look at how Nussbaum is leveraging their new pricing technology, BidRight. Rail Industry & STB Merger Updates: Bill Stevens, Editor of Trains Magazine, drops in for the weekly Association of American Railroads (AAR) report. The team breaks down carload and intermodal trends, along with key takeaways from the "Future of Rail" symposium regarding Union Pacific and Norfolk Southern's proposed transcontinental merger. OEM Market Analysis: Chris Versace (Chief Investment Officer at Tematica / Portfolio Manager at TheStreet Pro) analyzes transport stocks, UPS's restructuring struggles against Amazon Flex, and PACCAR's strong demand outlook amidst the impending EPA 2027 emissions pre-buy. Follow the FreightWaves Today Podcast Other FreightWaves Shows Learn more about your ad choices. Visit megaphone.fm/adchoices

In today's Tech3 from Moneycontrol, we break down why Zepto's investors are testing appetite for a lower IPO valuation, Temple's rare pre-launch ESOP buyback at nearly double its last valuation, what Ashiss Kumar Dash's appointment as Infosys CEO-designate means for the company's AI journey, and why IIT Madras Director V. Kamakoti believes multiple NEET sessions could help prevent future exam paper leaks.

In this episode of the Woodpreneur Podcast, host Jennifer Alger sits down with Chris Bingaman, CEO of Bingaman & Son Lumber. The company traces back to Chris's grandfather, who logged with horses, hauled timber by truck to local sawmills, and eventually started finding new markets when the coal mine prop business dried up. Chris's father joined in, they incorporated in 1968, and today the operation spans five locations with three sawmills, though 80 percent of their lumber still comes from outside mills. It is a processing and distribution business at its core, built on relationships. Chris has been part of it since he was five years old, riding along in the truck while his dad spent six or seven hours hand-grading and hand-loading lumber at sawmills that did not even own a forklift. Every summer growing up, he worked in the company. He wanted to go to the swimming pool. His dad had other plans. That early training in work ethic and lumber grading set the foundation for everything that followed. The conversation digs into how the hardwood lumber industry has contracted and what Bingaman & Son Lumber has done to stay relevant. Chris talks about the 2008 recession as a turning point that forced the company to diversify its product offering, become nimble, and develop deep strategic partnerships with customers. More recently, they invested in a computerized grading system that processes 60 to 70 boards per minute, work that previously required three people. The system has been running about five months, and the results have been significant, though it came with more debt than they are comfortable carrying. Chris also opens up about succession planning. His father went through the painful experience of buying the company back from an estate after Chris's grandfather died suddenly, and that lesson drove decades of intentional estate planning. Chris has four daughters, and when none pursued the business full time, he transitioned the presidency to a long-tenured CFO who had been groomed for the role with the help of an advisory board. Meanwhile, an ESOP launched around 2006 now gives employees 35 percent ownership, with flexibility to go either direction in the future. The broader industry discussion covers tariffs, export markets (25 to 30 percent of volume), the growing threat of synthetic substitutes for wood, and a proposed tax incentive through the National Hardwood Lumber Association that would give homebuyers a deduction for using hardwoods. Chris also touches on mass timber research for low-grade species, biofuels as an outlet for junk wood, and the connection between healthy markets and healthy forests. His message is clear: without demand for wood, there is no economic reason to manage the resource, and unmanaged forests suffer. Chapters 00:00 From Horse Logging to Hardwood Processing 08:36 Family Business, Succession, and the ESOP 16:25 Navigating the Hardwood Market Contraction 21:03 Computerized Grading: 60 Boards a Minute 24:01 Tariffs, Exports, and Staying Nimble 28:05 Forest Health, Substitutes, and the Case for Real Wood 32:06 Thermally Modified Wood and the Architect Community The Woodpreneur Podcast brings stories of woodworkers, makers, and entrepreneurs turning their passion for wood into successful businesses - from inspiration to education to actionable advice. Hosted by Steve Larosiliere and Jennifer Alger    For blog posts and updates: woodpreneur.com   See how we helped woodworkers, furniture-makers, millwork and lumber businesses grow to the next level: woodpreneurnetwork.com   Empowering woodpreneurs and building companies to grow and scale: buildergrowth.io   Connect with us at:  Instagram: https://www.instagram.com/sawmillsnearme/ Facebook: https://www.facebook.com/woodpreneurnetwork/ Join Our Facebook Group! https://www.facebook.com/groups/woodpreneurnetwork Join our newsletter: https://substack.com/@woodpreneurnetwork   You can connect with Chris at: https://bingamanlumber.com/ https://www.instagram.com/bingaman.lumber/ https://www.linkedin.com/in/chris-bingaman-391630b/  

In this episode, Makenzie Wirth delves into the Mandela Effect and how our memories influence the stories we tell ourselves. Many business owners begin their exploration of Employee Stock Ownership Plans (ESOPs) with fragmented information they have gathered from the experiences of others—some of which may be accurate and some not. These stories can subtly influence significant decisions. Makenzie discusses the common misconceptions surrounding ESOPs, clarifies which elements are unique to each transaction, and highlights insights revealed during the ESOP process that can drastically alter how owners perceive employee ownership. 

In this Snapshot, we explore how the diverging timelines between exit horizons and employee tenure are breaking traditional ESOP models – and what you can do about it.

Dave Crysler unpacks what really determines the price of a business at exit, drawing on years spent on the buyer's side of acquisitions. Two owners with the same earnings can sell for wildly different numbers, and the difference has nothing to do with product, customers, or market. It comes down to whether the business runs without the owner, and buyers price that risk before the offer ever hits the table. What You'll Discover: • Why the risk in your business gets priced in before you ever see an offer • What buyers are really looking for beyond your financials, and why the shop floor tells them more than the books • How earn-out deals actually work, and why they turn owners into employees chasing targets they no longer control • The moment most owners first realize their infrastructure is not as strong as they thought • Why hiring a right-hand person relocates owner dependency instead of solving it • The fire drill exercise that shows you exactly what routes through you, and how strong your team really is • Why you can't reconfigure and systemize an entire business in six months, no matter what someone promises • How Planning, People, Process, and Technology, in that order, build a business that runs by design instead of by default • Why the same work applies whether you sell, hand it to the next generation, build an ESOP, or keep it 30 years If everything in your business routes through you, that's not just a stress problem, it's a valuation problem. This episode shows you how to see your operation the way a buyer will, and why the sooner you start systemizing by design, the faster the multiple grows.

Send us Fan MailYour best learning doesn't happen when you're calm and confident. It happens when you're stuck, under pressure, and finally willing to say, “I don't know.” That's where this candid conversation goes with David Griffith and Caroline Slee-Poulos as we pass the baton to the next generation of “Learning Without Scars” and dig into what actually changes behavior at school and at work.We connect K-12 education to employee training and leadership development through a simple idea: coaching beats lectures, especially when the brain is in crisis. David breaks down the brain science behind cognitive shutdown under threat and explains the flywheel method of solving one small problem first, then building momentum toward harder ones. Caroline adds what that looks like in real classrooms through AVID tutorials and Socratic peer problem solving, where students map what they know, name where they're stuck, and practice the courage to ask for help.From there we zoom out to workforce development, employee retention, and the economics behind loyalty. We talk about the service profit chain, why people can't stay loyal to a job they were never trained to do, and how employee ownership and a well-designed ESOP can align incentives without burying a company in debt. We also take on living wage, “grandchildren over greed,” and why short-term thinking creates long-term instability for businesses and communities.If you care about training that sticks, leadership that earns trust, and practical ways to move people from surviving to transforming, you'll find plenty to wrestle with here. Subscribe, share this with a friend or colleague, and leave a review with your biggest takeaway. Visit us at LearningWithoutScars.org for more training solutions for Equipment Dealerships - Construction, Mining, Agriculture, Cranes, Trucks and Trailers.We provide comprehensive online learning programs for employees starting with an individualized skills assessment to a personalized employee development program designed for their skill level.

Host Jeremy C. Park interviews Kelly O. Finnell, Founder and President of EFS ESOP Consultants and author of "The ESOP Coach: Using ESOPs in Ownership Succession Planning," who discusses the importance and power of Employee Stock Ownership Plans (ESOPs). Kelly shares how he accidentally entered the ESOP field in 1979 while working at a law firm in Massachusetts during his first year of law school. After being assigned to research ESOPs for a white paper, he developed a passion for the topic and eventually built his consulting practice around it. Jeremy and Kelly discuss ESOPs, explaining that from a business owner's perspective it serves as an exit and succession strategy alternative to selling to private equity or strategic buyers. Kelly describes how ESOPs function as retirement plans from an employee's perspective, with the company fully funding them and the investment being limited to company stock. Jeremy notes the power of ownership, highlighting how it can transform employee perspectives and create a legacy for business leaders. Kelly discusses the performance benefits of employee-owned companies, citing academic studies and Higginbotham as examples of improved employee performance and business outcomes. Jeremy agrees with these points, sharing his firsthand experience of the positive impact on responsibility and ownership at all levels. Kelly outlines the criteria for determining if a company is a good candidate for an Employee Stock Ownership Plan (ESOP), including financial metrics like adjusted EBITDA and employee count, as well as subjective indicators such as emphasis on company culture, legacy, and philanthropy. Jeremy agrees, highlighting how outside ownership often leads to changes in culture and philanthropy, making an ESOP a viable option for preserving a business's legacy and values. Kelly advises business leaders that implementing an ESOP or any exit strategy typically requires a minimum of three years of planning and preparation. He emphasizes the importance of becoming educated about different options, including sales to private equity, and involving trusted advisors like lawyers and CPAs in the process. Kelly discusses the positive outlook for ESOPs, highlighting the bipartisan support from both Democrats and Republicans. He explains that ESOPs function as an effective wealth distribution vehicle, offering tax benefits to companies and providing a way for business owners to sell to employees with government support covering 40% of the cost through tax savings. Kelly shares contact information, including the company website www.execfin.com and LinkedIn page for EFS ESOP Consultants. He discusses his book, which was written specifically for business owners and includes case studies in plain English to explain complex ESOP topics. Visit https://execfin.com/ to learn more and connect with Kelly Finnell and EFS ESOP Consultants.

If you've owned a business for any length of time, you've probably told yourself some version of this: I'll deal with succession as soon as I solve whatever crisis my business is confronting right now. The problem, of course, is that there's always another crisis to solve or opportunity to pursue, and time has a way of passing.Jay Goltz has spent decades building a collection of successful businesses in Chicago. He knows he needs a succession plan. He knows that if something happened to him tomorrow, there'd be chaos. And he'd very much like to leave the business in the hands of the employees who helped build it. Over the years, he's considered the usual options—selling to a bigger company, to a few key employees, to an ESOP, even to an Employee Ownership Trust. But every option comes with compromises. And so, year after year, it's been easier to focus on challenges that seem more urgent—until this past April, when Jay turned 70. "I realized," he says, "I can't kick this down the road much further."This week, Jay sits down with David C. Barnett and Mel Gravely for an unusually candid conversation about what makes succession planning so difficult—even when you understand how important it is. Jay explains why he has no interest in selling, why money isn't really the issue, and why he still loves going to work every day. Mel, meanwhile, offers some tough love, suggesting that if protecting Jay's family and employees really are his priorities, then something else must be holding him back.Mel also shares an unexpected twist in his own succession journey. After stepping away from the CEO role two and a half years ago to become executive chairman, Mel found himself pulled back into operations this spring—a reminder that even well-designed succession plans don't always unfold as expected. And along the way, David offers a blunt explanation for why many aging business owners overestimate what their companies are actually worth. The episode is brought to you by Grasshopper Bank.

Episode Summary: If you want to understand where employee ownership in Canada is going, it helps to talk to a company that has been living it for the better part of a century. In this episode, host Colleen O'Connell-Campbell sits down with Chad Friesen, CEO of Friesens Corporation - a $120 million book manufacturer and publishing company based in Altona, Manitoba (population 4,500) - to trace one of the most remarkable ownership stories in the country. Founded in 1907, Friesens has moved through nearly every ownership form imaginable: sole proprietor, family business, ESOP, hybrid, and today a 100% Employee Ownership Trust. Chad shares how the founding family turned down dozens of offers to sell because they believed the business belonged to the people and community who built it, how the company "backed into" broad-based employee ownership during the 2007-2008 crisis, and how the Friesens model went on to influence Canada's actual EOT legislation. He also introduces Tall Grass Employee Owner Equity Fund, a new venture that provides patient capital and a proven playbook to help other founders exit to their employees. It is a story about print, yes - but really about legacy, community wealth, and doing succession on purpose. Key Takeaways: Friesens Corporation was founded in 1907 and is a roughly $120 million company based in Altona, Manitoba, a community of 4,500. It operates three book-related businesses: trade books (working with the largest and smallest publishers in the world), school yearbooks (a business defined by constant customer turnover, since students graduate every year), and Friesen Press, a self-publishing services business working with around 1,000 new authors annually. The company's mantra: helping others share their best story with the world. Fun fact: all five leaders in the company's history have shared the last name Friesen - the first three from the founding family, the last two (including Chad) unrelated to it. The company has been owned in nearly every form: sole proprietorship, family-owned, ESOP, hybrid ESOP/EOT, and today 100% Employee Ownership Trust. The founding family's roots in the cooperative, credit union, and mutual movements of the 1940s and 50s framed their path toward employee ownership. The founding family had opportunities to sell dozens of times - Chad keeps a file folder of historic offers from companies and equity funds - but chose employee ownership because they believed the business served a greater purpose than enriching one family, and they wanted to preserve the company and its economic impact in the community. Employee ownership started organically in the 1970s and 80s, with shares given in lieu of bonuses or raises. Over time, share values rose, and the ratio between new employees able to buy shares and retiring owners needing to sell became unbalanced. The first Friesens Employee Trust was created in the 1980s as a "market of last resort" to buy shares from retiring employees and redistribute them. By 2007-2008, a "trifecta of challenge" - the U.S. economic downturn, Asian supply/distribution pressure, and the introduction of the Kindle e-reader - left employee-owners nervous, with a drying-up internal share market. The company financed the trust to buy back all employee shares over a five-year period, freezing share values, paying cash, and keeping everyone as a trust beneficiary. Friesens effectively "backed into" being a 100% EOT as a defensive move that became a lasting strength. The Friesens model influenced Canada's federal EOT legislation. Chad's team worked with four people in the finance department building the legislation, sharing governance structures and practices as a real-world case study - evidence that broad-based employee ownership works at scale. A major, initially unintended benefit: the EOT became a great equalizer. Over 40% of Friesens employees were not born in Canada, many immigrating with the company's support and without excess cash to buy shares. Under the trust, every employee becomes a beneficiary three months after joining - no capital required. This equal-access principle became a tenet the federal government wanted to emulate. Distributions use two formulas baked into the legislation's guidance: roughly 70-80% based on compensation (last five years of an individual's pay relative to the pool) and the remainder on years of service. Friesens deliberately uses a dividend model rather than equity, distributing value three times a year - including a physical cheque handed to each employee-owner at a celebration, to make ownership tangible and immediate. The community impact is profound: Friesens generates an estimated $60-80 million in annual local economic spin-off. Retailers can tell when a distribution has happened because foot traffic spikes the next day. Chad estimates the company would likely have been sold 20-30 years ago without employee ownership - and all that recurring community wealth would have left with it. Tall Grass Employee Owner Equity Fund: Born from Friesens' search for diversification, Tall Grass is a separate entity that puts Friesens' surplus capital to work helping other founders transition to employee ownership. It targets stable, long-term, proven companies (not startups or turnarounds) whose owners are motivated to preserve legacy. Tall Grass provides patient capital - investing with little expected return in the early years to de-risk seller financing - and a proven structural playbook, taking a minority position. The goal: modest long-term diversified passive income for Friesens' stakeholders, with an enormous return on social impact. When Chad brought the idea to his employee-owner council, he braced for pushback about risking their capital; instead they embraced it, saying they would not be where they are if someone had not paid it forward to them. Employee ownership can be more than a structure - it is a strategy for community wealth, long-term resilience, and legacy. If today sparked questions about your own exit - what you will need financially, how to protect your people and values, and what a true cash-rich transition could look like - book a one-on-one Wealth Gap Analysis with Colleen O'Connell-Campbell. Reach out on LinkedIn or email. Please leave a five-star rating and review - it helps more founders find the show and have their best exit. *** The Cash Rich Exit Podcast is brought to you by O'Connell-Campbell Wealth Management at RBC Dominion Securities.   All opinions expressed by the host, Colleen O'Connell-Campbell, and podcast guests are solely their own opinions and do not reflect the opinion of RBC Dominion Securities.   This podcast is for informational purposes only before taking any action based on information in this podcast you should consult with a qualified professional.   Colleen O'Connell-Campbell is a Wealth Advisor at RBC Dominion Securities, a member of the Canadian Investor Protection Fund.

Your feed feels personal for a reason, and it's not magic. Jason Miller and Makenzie Wirth dig into the idea that the “algorithm” isn't a villain with a secret agenda. It's an objective system built on subjective inputs, and the input it cares about most is your attention. We share real snapshots from our own algorithms and what they might mean beneath the surface: curiosity, problem-solving, preparation, anxiety, and the very human need to reduce uncertainty. Then we connect it directly with business owners, founders, and leaders considering exit planning, including ESOP conversations. Our takeaway is that the algorithm is a dashboard, not a destiny, and attention becomes intention, intention becomes habit, and habit becomes character.

What does it actually take to build an executive team from nothing? This week on The Data Minute, Ashley Neville fills in for Peter and sits down with Francois Ajenstat, Founder and CEO of Golden Analytics, to talk hiring at the earliest stages of a company, from seed through Series B.Francois spent over a decade as Chief Product Officer at Tableau before leading product at Amplitude, and recently launched Golden Analytics, an AI-native BI platform that just closed $21 million in total seed funding. He walks through why he sees fundraising as less about the check and more about finding long-term partners, why he never set out to build a foundational model, and why he thinks the fear around AI replacing data analysts has it backwards. He also breaks down his approach to those first few hires: starting with people he trusts completely, using Carta's own compensation data to build trust with candidates during offer negotiations, and the three-part test he runs on every new hire around AI fluency, taste, and ownership of outcomes.The conversation also covers Golden's unconventional customer feedback loop, the surprising order in which startups actually hire across functions, and Francois's long-running framework for job satisfaction: the work, the people, and the recognition.Subscribe to Carta's weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/Explore interactive startup and VC data, with Carta's Data Desk: https://carta.com/data-desk/Chapters: 01:17 – Announcing the $21M Seed: Fundraising Is About Partners, Not Just Capital 02:57 – Pitching Golden Analytics: Zig When Everyone Else Zags 06:06 – Why Golden Isn't Building Its Own Foundational Model 07:48 – The Privacy Question: Why Golden Never Sends Customer Data to the Models 09:17 – Will AI Replace the Data Analyst? (No, It Makes Them 10x) 10:57 – From CPO to "Solo" Founder: Why the Label Never Fit 13:14 – Hiring Employee One: The Former Tableau CTO 15:17 – Using Carta's Comp Data to Build Trust with Candidates 17:42 – Thinking About the ESOP from Day One 19:08 – The New Hiring Bar: AI Fluency, Taste, and Ownership 21:44 – Inside a Seven-Person Company Outshipping the Competition 22:46 – No Wall Between Customers and Engineers 24:33 – Making Customers Feel Like Founders 27:03 – An Unboxing: The Golden Analytics Coin 28:06 – The First Experience: What Happens When You Open Golden 29:33 – Surprising Data: Founders Hire Before They Raise 30:52 – The Order of Hires: Why CFOs Come Before Revenue 32:18 – Fractional vs. Full-Time: "Does This Make the Beer Taste Better?" 34:22 – What's Next to Hire: Engineers Ahead, Sales Behind 36:11 – Why Golden Skips the Middle: Senior Talent Paired With Junior Hunger 38:25 – Education, Fear, and Learning by Doing 41:15 – Building Carta's Own Report With AI, Faster 43:06 – Every Company Is a Data Company 44:27 – The Customer Data Francois Obsesses Over Daily 47:28 – Is SaaS Dead? Why the "Apocalypse" Headlines Miss the Point 49:21 – The Three-Factor Test for Job Satisfaction 51:47 – Redefining Appreciation: Experiences Over Titles 54:47 – What's Next for Golden Analytics 56:30 – OutroThis presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2026 eShares, Inc., dba Carta, Inc. All rights reserved. In the interest of transparency, Golden Analytics is a customer of eShares, Inc. dba Carta, Inc. ("Carta").  While we have invited them here today to discuss their journey, please note that this is not an endorsement, solicitation, or recommendation for Golden Analytics or Carta. Carta does not assume any liability for reliance on the information provided during this podcast.

In today's Tech3 from Moneycontrol, we explain why Indian enterprises are increasingly choosing Chinese AI models like DeepSeek and Qwen over their US rivals. We also unpack Swiggy's move closer to Indian-owned company status and what it could mean for Instamart, look at Flipkart's latest ESOP buyback that values the company at $38.2 billion, and discuss Cult.fit's IPO plans. Plus, a quick update on Bengaluru-based spacetech startup GalaxEye, which has lost contact with its maiden Earth observation satellite, Mission Drishti, after a geomagnetic solar storm.

In this episode, Jason Miller and Makenzie Wirth continue the Foundations of Transition series by exploring the importance of financial fluency and clarity. This workshop-style conversation aims to help business owners better understand the numbers behind their operations and why financial confidence is essential for making informed decisions throughout the ESOP journey.This episode encourages owners to move beyond simply reviewing financial reports. It focuses on interpreting what these numbers truly convey. Jason and Makenzie discuss how clear reporting, visibility into key performance drivers, and a deeper understanding of financial metrics can reduce uncertainty, strengthen decision-making, and prepare business owners for a smoother, more successful ownership transition.

What if the most powerful solution to America's growing wealth inequality was already hiding in plain sight, inside thousands of thriving businesses across the country?In this episode of The Conscious Capitalists, hosts Timothy Henry and Raj Sisodia sit down with Loren Rodgers, Executive Director of the National Center for Employee Ownership (NCEO), to explore how employee ownership and specifically ESOPs (Employee Stock Ownership Plans) can serve as one of the most compelling vehicles for building broad-based wealth, strengthening businesses, and elevating the practice of capitalism itself. Loren has led the NCEO since 2011, guiding a membership of over 1,700 companies, and few people in the world understand this landscape as deeply as he does.Drawing on decades of research and real-world examples from Springfield Remanufacturing Corporation to Torani to Henny Penny, Loren makes the case that employee ownership isn't just good ethics. It's good business. Groundbreaking 2026 federal research links ESOP companies to productivity gains of 5.6 to 6.7% over five years, turnover rates as low as one-quarter of non-employee-owned peers, and employee owners who carry 92% greater net household wealth than those without ownership stakes. As Loren puts it: "It's not a get-rich-quick scheme. It's a get-rich-slow scheme. Instead of creating a billionaire, let's create a thousand millionaires."But this episode goes beyond the balance sheet. Timothy, Raj, and Loren explore the cultural shift required to make ownership real, why structure alone isn't enough, and why companies that build genuine ownership culture outperform those that treat it as a legal formality. They also wrestle with the bigger picture: how artificial intelligence risks concentrating wealth even further, why employee ownership may be the most structurally sound response, and what it means for capitalism's long-term legitimacy if we fail to broaden who gets to own a piece of the economy.Listeners will gain insights into:What ESOPs are and why they represent one of the most compelling business models in America todayThe data behind employee ownership, including productivity, turnover, and household wealth outcomesWhat gets business owners to choose employee ownership over private equity or strategic buyers, and what stands in the wayWhy ownership culture matters as much as ownership structureHow ESOP companies build leadership pipelines and succession planning at every level of the organizationThe surprising bipartisan political momentum behind employee ownership legislationHow AI and rising wealth concentration make this conversation more urgent than everWhether you're a business owner thinking about your next chapter, a leader exploring what stakeholder capitalism looks like in practice, or simply someone who believes the economy works better when more people have a stake in it, this episode offers a clear-eyed and hopeful look at what's possible when we rethink who gets to own.If you enjoy this podcast, would you consider leaving a review on Apple Podcasts/iTunes? It takes only a few seconds and greatly helps us get our podcast out to a wider audience.Please subscribe on Apple Podcasts / Spotify / Stitcher, or wherever you get your podcasts.For transcripts and show notes, please go to: https://www.consciouscapitalism.org/podcast - This show is presented by Conscious Capitalism, Inc.

Ep 126: What happens when the people who helped build a company become its owners? In this episode of The Retirement Success in Maine Podcast, we welcome Thomas Flynn to discuss the growing role of Employee Stock Ownership Plans (ESOPs), particularly here in Maine. Thomas explains how ESOPs work, why more business owners are choosing employee ownership over private equity or third-party sales, and how these plans can help employees build meaningful retirement wealth. We also explore the benefits and challenges of employee ownership, the importance of diversification, and what both business owners and employees should understand before making the transition. Whether you're an employee at an ESOP company, a business owner planning your exit strategy, or simply curious about this increasingly popular model, this episode provides an accessible introduction to one of the most important trends in business succession planning. Chapters: Introduction & What Is an ESOP? – Understanding employee ownership and why it's gaining momentum in Maine [00:01] Why More Business Owners Are Choosing ESOPs – Comparing employee ownership with private equity and other exit strategies [10:44] How ESOPs Build Retirement Wealth – Tax advantages, employee benefits, and the role of ownership in long-term financial security [28:16] The ESOP Process for Business Owners – What it takes to transition a company to employee ownership and what employees can expect [31:43] Managing ESOP Shares in Retirement – Diversification, retirement distributions, and common misconceptions [41:25] What Makes an ESOP Successful? – Building an ownership culture and creating lasting value for employees and business owners [54:54] Retirement Success & Final Thoughts – Thomas shares his own retirement philosophy and key takeaways for listeners [59:43]

In this episode, Jason Miller explores how advisors can recognize when an Employee Stock Ownership Plan (ESOP) deserves a place in a client's transition planning conversation. Rather than positioning ESOPs as a one-size-fits-all solution for business owners, this 14-minute field guide offers practical advice for professionals aiming to engage in meaningful discussions with clients whose objectives may align with employee ownership. From addressing common assumptions around complexity, costs, strategic buyers, seller financing, management depth, company size, and control, this episode empowers advisors with the tools to ask the right questions and identify when an ESOP deserves a closer look. Don't miss the opportunity to enhance your advisory practice and offer your clients informed and effective solutions!

Employee Ownership Models There are over 6500 businesses that in some form participate in an employee-owned model, according to a study from Rutgers University. These businesses vary from an ESOP, or employee stock ownership plan, which is the most common form or profit-sharing, to a worker-owned cooperative, where workers can vote on things like a board of directors. Thursday on the "Sound of Ideas," we'll take a deeper look at the employee ownership model, and find out why some aging business owners are embracing that model. We'll hear from one Northeast Ohio business that recently transitioned to an employee trust model with the help of the Ohio Employee Ownership Center at Kent State University. Guests:- Michael Palmieri, Associate Director, Ohio Employee Ownership Center, Kent State University- Jonathan Welle, Lead Organizer & Founding Board Member, Cleveland Owns- Mike Miller, Founder and Managing Partner, Music Box Supper Club- Hannah Scott, Program Director, The Ohio State University - College of Food, Agricultural, and Environmental Sciences, Center for Cooperatives "The Menu: Employee Ownership and Food" Later in the program, we'll stay with the employee ownership discussion, and look at one local coffee roaster, Phoenix, who is a employee-owned cooperative. They have five cafes, and a roastery, across Northeast Ohio. We'll hear from the General Manager about why he says that model serves the business. Guests:- Toby Reif, General Manager, Phoenix Coffee - Michael Palmieri, Associate Director, Ohio Employee Ownership Center, Kent State University - Jonathan Welle, Lead Organizer & Founding Board Member, Cleveland Owns

A health scare in 2015 prompted Julia Beardwood to confront a question many business owners prefer to postpone: What happens when it's time to leave the business? Over the next several years, the founder of the New York City branding agency Beardwood explored a range of possibilities, including selling to an ESOP and pursuing a strategic acquisition. But when the time came, the solution turned out to be much closer to home. Years earlier, Julia had implemented a compensation strategy that gave key employees a meaningful stake in the company's success. What began as a way to motivate and retain talent ultimately created a pathway for ownership transition.

In this episode, Makenzie Wirth sits down with David Thrush, Principal in Doeren Mayhew's Audit Department and National ESOP Practice Leader, to break down why employee benefit plan (EBP) audits are essential for ESOP companies. With extensive experience in ERISA compliance, employee benefit plan audits, and ESOP administration, David explains how EBP audits support accurate Form 5500 reporting and what companies should be doing now to prepare for upcoming deadlines. From building an annual ESOP calendar to coordinating with service providers, reviewing census data, participant statements, valuations, and distributions, this conversation highlights the year‑round planning and compliance practices every ESOP company must embrace to stay compliant and avoid surprises.If you're looking to strengthen your ESOP processes, improve audit readiness, and stay ahead of regulatory requirements, this episode is a must‑listen.

An ESOP (employee stock ownership plan) can be the right succession strategy for a craft brewer. This presentation will offer a detailed look at how an ESOP can enable an owner to receive fair value for transferring ownership while preserving the unique culture and legacy of the business even after the founder steps back. We will demystify the structure and legal aspects of an ESOP, making a complex process more approachable. Attendees will learn about the significant tax advantages both for selling owners and for a craft brewery after becoming ESOP-owned, and how an ESOP enables workers to become owners. The presentation will also provide practical guidance to assess whether an ESOP is feasible for a craft brewer.Alan is a partner in the Employee Benefits & Executive Compensation group at Husch Blackwell LLP.His practice encompasses the gamut of employee benefits law, with a particular focus on ESOP transactions and compliance.Many lawyers play golf. Instead, Alan plays squash and tennis, which provide him with a frequent reminder to keep his day job.

Most business owners can name the exit they think they want, but far fewer can clearly explain the problem they are trying to solve. Jason Miller and Makenzie Wirth dig into the 10 powerful questions every owner should ask themselves before choosing an ESOP, a management buyout, or a third-party sale, because transition problems usually start with incomplete questions, not bad intentions. From uncovering hidden risks and leadership gaps to evaluating succession readiness, personal goals, and the true value of the business beyond the owner, these questions reveal what's really happening beneath the surface. This conversation will help you gain clarity, preserve your options, and build a stronger foundation for a successful transition. If you want a clearer path through exit planning, business succession, and ESOP readiness, hit play and bring these questions to your next advisor meeting. 

Scott Ensign, Chief Strategy Officer at Butler/Till, joins Ari Paparo to discuss the advantages of being a 100% employee-owned agency, the rise of agentic AI in media buying, AdCP adoption, and the future of pharmaceutical advertising. Learn how Butler/Till is leveraging AI-powered workflows, healthcare expertise, mobile gaming inventory, and programmatic innovation to drive growth in a rapidly evolving media landscape. Takeaways Butler/Till operates as a 100% employee-owned ESOP, giving employees ownership stakes and allowing the agency to remain independent and agile. The agency is a women-owned and women-led business, with roughly two-thirds of employees being women. Thanks to its status as an independent agency, Butler/Till can operate with agility, making faster decisions and investing strategically without outside shareholder pressure. Butler/Till takes a product-focused approach, building technology and solutions around client needs rather than creating products solely for commercialization. Pharmaceutical advertising is shifting away from broad-reach TV campaigns toward addressable, data-driven digital media channels. Even if pharmaceutical advertising regulations change, opportunities will remain through disease-state education and targeted healthcare professional outreach. Mobile gaming remains an undervalued advertising channel, particularly for reaching healthcare professionals during everyday moments. Butler/Till participated in one of the industry's earliest agentic AI-powered media transactions using AdCP technology. Agentic AI can automate traditionally manual workflows such as RFPs, publisher negotiations, and media planning. The agency views AI primarily as a tool for accelerating work and solving talent shortages rather than replacing employees. Chapters00:00 Introduction to Scott Ensign and Butler/Till00:41 What makes Butler/Till unique as an employee-owned agency01:24 The history behind Butler/Till's ESOP structure02:25 Independent agencies vs. holding companies03:47 Product development and technology investments at Butler/Till04:33 Why Butler/Till hired a Chief Product Officer05:08 How clients approach AI and workflow innovation06:33 The changing landscape of pharmaceutical advertising08:31 Regulatory concerns and the future of pharma marketing10:44 Reaching healthcare professionals in the digital age12:15 Why mobile gaming is an overlooked advertising opportunity14:19 Butler/Till's early agentic AI and AdCP media transaction16:25 How buyer and seller AI agents could negotiate media deals19:28 Why pharma is a strong fit for agentic media buying21:24 Expanding AdCP into audio and offline media channels23:01 AI, efficiency, and the future of agency work23:57 Butler/Till's growth, hiring plans, and closing thoughts Guests: Ari Paparo, Scott Ensign Learn more about your ad choices. Visit megaphone.fm/adchoices

On this episode of HALO Talks, we welcome Nick Ovenden of GreatLIFE, an organization that has redefined community recreation in the Sioux Falls, South Dakota area. What began as a sort of "accidental" golf course acquisition has evolved into a network of six golf courses, 19 fitness centers, and a bowling alley, serving over 40,000 members within a 90-mile radius. Nick joins us to discuss the unique business model that blends fitness, golf, and family activities under one membership, fostering inclusivity and long-term member engagement. Pete and Nick also dive into how their employee stock ownership plan (ESOP) is shaping company culture and succession planning, the impact of combining recreational offerings on attrition, and GreatLIFE'S commitment to building community through partnerships and transparency.  When it comes to the recovery trends that were brought up in discussion, Nick states, "If you have not gotten on the workout recovery train yet, your time and your stop is now. You got to get these products in there before these workout recovery and spas end up saturating your market." Key themes discussed Combining golf, fitness, and bowling for family experiences Membership structure: simplicity and inclusivity Community partnerships and local business integration Reducing attrition through varied activity options Transparency in financials and business education Board-driven decision-making post-ESOP transition A Few Key Takeaways 1.Unique Multi-Activity Membership Model: GreatLIFE combines golf courses, fitness centers, and a bowling alley under a single membership structure. Members can choose between single, couple, or family plans and select either a Fitness Plus or Golf and Fitness Plus membership, aiming to keep things simple and all-encompassing. This approach fosters a stronger sense of community and encourages member retention by offering a broad range of activities for various interests and life stages. 2. Intentional Face-to-Face Member Onboarding: The organization has deliberately chosen not to use online sign-ups. Instead, all memberships are started in person to ensure that team members can fully explain their offerings and guide new members to the option best suited to their needs. This helps reduce attrition by keeping members engaged with new activities as their interests change. 09:04. 3. Low Attrition Rates Driven by Diverse Offerings: With multiple activities available like fitness, golf, pickleball, bowling, and group classes, members are less likely to leave since there is always something appealing. As a result, their annual member attrition rate is relatively low (about 30%), and staff turnover is also below industry averages 09:45. 4. Community Over Competition: GreatLIFE maintains close, non-competitive relationships with other local golf courses and fitness entities. Rather than trying to compete directly, they work together and even refer potential members elsewhere if their own services do not match a visitor's needs. This bolsters the overall community and reputation, benefiting everyone. 07:16. 5. Employee Stock Ownership Plan (ESOP) as a Succession Strategy: A key differentiator is the adoption of an ESOP for succession planning. This structure allows employees to gradually gain ownership stakes in the company, fostering long-term commitment and a sense of shared responsibility. The move also helps preserve the company's culture, aligning incentives and making employees more invested in the company's success. 10:55 Resources:  Nick Ovenden: https://www.linkedin.com/in/nick-ovenden-8b047349  GreatLIFE Golf & Fitness: https://joingreatlife.com  Integrity Square: https://www.integritysq.com Prospect Wizard: https://www.theprospectwizard.com Promotion Vault: https://www.promotionvault.com HigherDose: https://www.higherdose.com

Don and Tom question whether the investment industry—and increasingly Vanguard—keeps creating new products simply to stay relevant rather than solve real investor problems. They critique Vanguard's new Target Retirement Lifetime Income Fund, which combines a target-date fund with an annuity, arguing that it sacrifices liquidity, introduces inflation risk, and obscures costs. They also take aim at Vanguard's new Active/Passive Model Portfolio Series, suggesting it adds unnecessary complexity and market-timing assumptions to what should be a straightforward indexing approach. Listener questions cover the risks of holding 72% of retirement assets in an ESOP and whether a military family should replace a simple Schwab index-fund portfolio for their two-year-old daughter with AVGE. The episode closes with a plug for The Line Uncrossed and a discussion of the real-life Civil War experiences that inspired the novel.0:12 Do investors really need new products and new ideas?2:11 Vanguard's Target Retirement Lifetime Income Fund and annuities in target-date funds4:29 Liquidity, inflation risk, and the tradeoffs of guaranteed retirement income7:44 Why immediate annuities often take years just to return your own principal9:16 Morningstar's skepticism of guaranteed-income retirement products10:46 Vanguard's new Dynamic Active Passive Model Portfolio Series12:42 Are active/passive hybrid portfolios solving a real problem?13:38 Has Vanguard lost its indexing compass?15:30 New Talking Real Money website features and submitting listener questions16:12 ESOP question: 72% of retirement assets tied to employer stock17:59 The dangers of concentrated company-stock positions21:29 Understanding ESOP returns versus traditional investments24:09 Why diversification matters more than past ESOP performance26:49 Using GI Bill benefits, a 529 plan, and a UTMA to fund a child's future28:27 AVGE versus a simple total-market index portfolio for a young child29:42 Why simplicity may be good enough for long-term investing success30:35 Discussion of The Line Uncrossed and its Civil War inspiration31:41 John B. Anderson, Andersonville Prison, and the history behind the bookQuestions? Comments? Click!

Joe Polish sits down with Strategic Coach Founder Dan Sullivan and The CEO of CEG Worldwide John Bowen to explore the research-backed framework behind their new book, The Greater Game — a 100x blueprint that reveals why only 5.4% of Entrepreneurs are playing a completely different game than everyone else. Together they unpack the shift from Founder-dependent businesses to scalable ecosystems, the finite-vs-infinite game divide, and why AI is less a technological revolution and more a cognitive one. Here's a glance at what you'll discover in this episode: The number that reveals whether you're winning or losing the only game that matters... and why 94.6% of Entrepreneurs are optimizing a game that's already coming to an end (you've probably already done 10x without calling it that — what you do next is the whole point) Dan Sullivan's quiet observation after 52 years and 7,000+ Entrepreneurs... the exact moment a successful person stops growing isn't failure — it's something far more seductive, and almost no one catches it in themselves (the first exercise he runs at Strategic Coach is designed to show you you've already crossed the line once) Joe typed a question into AI and got back the most brutal case study in modern business history... Blockbuster, Kodak, Borders, Toys "R" Us — and the one invisible shift every company on that list missed before it was too late (this isn't a technology story — it's a thinking story) Why John Bowen started three new companies on his 70th birthday... and the dashboard he and Dan built for roughly $2,000 that a top vendor quoted them $50,000 a year to provide (his tech team called after the first meeting and said "we'll just build it and give it to you tomorrow") The four-hour version of something that used to take Dan Sullivan four weeks... and what it reveals about the only AI upgrade that actually changes your trajectory (this isn't about using AI more — it's about using it in the right direction entirely) What Joe Polish teaches Genius Youth Members that no business school has ever covered... and why writing handwritten postcards in an age of AI might be the single highest-leverage thing you do this week (the killer app of 2026 is not what anyone is selling you) If you'd like to join world-renowned Entrepreneurs at the next Genius Network Event or want to learn more about Genius Network, go to www.GeniusNetwork.com. Show Notes: The Book: The Greater Game and the 5.4% Dan and John's new book — published by Hay House and instantly a #1 Amazon bestseller — grew out of a 25-year research partnership to study what separates the highest-performing Entrepreneurs from everyone else. Their research across 7,000+ Entrepreneurs found that 94.6% are still optimizing the game they're in — while only 5.4% are architecting a completely different one. The book maps out exactly what those 5.4% are doing. The book's central premise: "Every system that got you here is optimized for a game that's coming to an end." From 10x to 100x: Dan's Framework Dan has been coaching Entrepreneurs to 10x since the 1990s — starting with an exercise where he had Clients identify when they were one-tenth of where they are today. Everyone in his program had already done 10x without labeling it that way. When he challenged a Client who said they couldn't go 10x in three years, the Client responded they could do it in 15 — and then voluntarily suggested doing it again. That's when the 100x idea crystallized. Dan's thesis: give yourself a long enough time horizon, use AI as a genuine collaborator, and constant growth becomes the natural state — not the exception. The Four Levels of The Greater Game Level 1 — Foundation for Freedom: Vision, security, and financial confidence. Getting off the couch. Level 2 — Energy for Expansion: Motivation and IP development. Dan has built an extraordinary amount of intellectual property; John and Joe have too. Level 3 — Platform / Ecosystem: Moving from Founder-dependent to a scalable system. John's own company grew 58% while writing the book — by walking the talk of this level. Level 4 — Agency: Creating markets. Courage, commitment, and building an ecosystem where you're generating the category itself. Finite vs. Infinite: What the Game Shift Really Means Finite game: competing for market share, managing dependencies, staying indispensable personally, reacting to market pressure. Business value: 3–5x EBITDA. Infinite game: designing an ecosystem, multiplying unique genius through others, engineering your own absence, redefining the market. Business value: multiples that reflect systems, not the Founder. Joe's examples (finite → infinite): Blockbuster → Netflix, Kodak → Apple, Borders → Amazon, taxi companies → Uber, Toys "R" Us → Lego. The pattern: finite players optimize the current game; infinite players keep changing what the game is. Dan's real-world example: Paul Van Dyne came to Strategic Coach planning to retire at 65. He went on to take his engineering firm from #40 to #1 nationally in nine years through M&A — and now plans to build his gourmet coffee shop inside one of his medical centers. AI as a Cognitive Revolution Dan's framing: AI isn't a technological revolution — it's a cognitive revolution. He compares its impact to the introduction of zero in mathematics, which made economics, double-entry bookkeeping, and science possible. Practical example: Dan used to need four weeks to structure a new book. With AI, the same work takes four hours. He now writes a new book every quarter. John's vibe-coding story: his Team built the entire Greater Game Dashboard for roughly $2,000–3,000 using Lovable — after being quoted $50,000/year from a top vendor. They own the code and iterate freely. Joe's counterpoint: the killer app today is being fully human — knowing how to bond, connect, and think for yourself. "Write with your hands, think with your brain."  The Greater Game Dashboard John built this free interactive tool at TheGreaterGameDashboard.com to put the book's framework into action. The 15-minute assessment shows you exactly where you stand relative to peers and the 10 Greater Multipliers. The dashboard automatically calculates what your company is worth to a buyer today — and shows how each improvement raises that number. Dan calls it the greatest tool he's seen in 52 years of coaching Entrepreneurs. Monthly updates include an Entrepreneur Pulse confidence index. Useful whether you ever intend to sell or not — knowing your number changes how you invest in your business. Building Great Teams: Cast, Don't Hire Dan's principle: Strategic Coach treats itself as a theater company — with backstage and front-stage roles. They don't hire for jobs, they cast for roles. Every new hire is there to free up someone already in the company. Babs Smith built the Strategic Coach Team around Dan from the start — several Team members have now been with the company 20–30+ years. Beware the Founder-as-salesperson trap: if you're great at selling, you'll hire the wrong people — you'll confuse their excitement for the role with fit for the role. John, Joe, and Dan all find talent primarily through communities — mastermind groups, Genius Network, Strategic Coach — rather than ads. Great people seek out great people. Dan's upcoming book (Hay House): Casting Not Hiring. IP as a Strategic Asset Dan has had 82 thinking tools patented by the US Patent Bureau (none rejected), with 75 more pending. Each patent is a borrowable asset — you can borrow up to half the appraised value, creating a private intellectual property bank. Joe Polish's company operates as an ESOP — all Team members become equity owners after a vesting period, creating a true ownership culture without requiring employees to buy in upfront. Genius Youth and the Human Connection Advantage Joe's Genius Youth program focuses on skills AI can't replicate: human connection, handwritten notes, cold plunges, cooking and hospitality, ethical influence. Joe's 2026 Genius Network Annual Event —  features Peter Diamandis and Steven Kotler (Authors of We Are as Gods), live robots, and a mystery musician on 300M+ albums. Resources: The Greater Game (Book) — Dan Sullivan & John Bowen The Greater Game (Audiobook) — narrated by Gord Vickman, Hay House Business TheGreaterGameDashboard.com — free 15-minute assessment & company valuation tool 10xTalk Podcast — Subscribe — 10xTalk.com 10xTalk on Apple Podcasts Strategic Coach — Dan Sullivan's coaching program Genius Network — Joe Polish's community for elite Entrepreneurs Joe Polish's Genius Network Annual Event CEG Worldwide (John Bowen) — research and coaching for financial advisors Cleator Ghost Town, Arizona — Joe's 40-acre ghost town & the Cleator Bar and Yacht Club Inside Strategic Coach Podcast — Episode on Hiring — Dan Sullivan & Shannon Waller AI Killed the Modern Company (Video) — Peter Diamandis & Salim Ismail Why Microsoft AI Chief Predicts AI Automation of White-Collar Work in 18 Months — Fortune / Mustafa Suleyman

In this Journey to an ESOP and Beyond podcast episode, Jason and Makenzie continue the Foundations of Transition series by exploring the sixth foundation: capacity building. Framed through the lens of leadership transfer, this conversation examines why a business is only truly transferable when leadership, decision-making, and organizational judgment can transfer as well. As owners prepare for succession, an ESOP transaction, or any future transition, developing leadership depth becomes a critical part of preserving and growing enterprise value. Throughout this episode, Jason and Makenzie introduce the concept of “leadership debt,” describing how organizations accumulate risk when founders and owners remain the primary source of decisions, relationships, and problem-solving. They discuss the importance of transferring not only tasks, but also the context, authority, and judgment behind those tasks. Through practical examples and actionable takeaways, listeners are encouraged to identify opportunities to build leadership capacity, strengthen management depth, and create a company that can continue to thrive beyond the daily presence of its founder.

In this episode, Bard MBA student Jake Rosenzweig-Stein interviews Bill Fotsch, business consultant and researcher, about economic engagement and its role in building more equitable, resilient businesses. Bill introduces his five-pillar framework, grounded in 30 years of research, and explains how treating employees as true partners drives double the profit growth of traditional management approaches. The conversation covers how economic engagement supports ESOP conversions, succession planning, and local economic resilience.

In this podcast episode, Jason and Makenzie interview Art Smith, President of DB Engineering, about the company's transition to 100% employee ownership. The conversation explores the decision-making process between a strategic sale, management buyout, and ESOP, along with the challenges of leadership transition, communication, and building an employee-owned culture. Drawing from firsthand experience, Art shares valuable insights and lessons learned throughout the ESOP transition process, offering an honest look at the complexities, challenges, and rewards of navigating ownership transition in a growing professional services business.

In this episode of the Sargent: On Track Podcast, President & CEO Eric Ritchie is joined by Vice President of Finance and CFO Tasha Gardner in the Flywheel Studio to kick off a new series answering questions submitted during the all-employee meetings. Tasha breaks down vesting and what it means to be a true employee-owner, walks through how shares get allocated between hourly and salaried employees, and explains how internship years factor into vesting. The conversation also digs into retirement planning, tax implications of the ESOP and 401k, and the difference between Roth and traditional contributions at different stages of a career. Eric and Tasha close with a reminder that knowing the ESOP inside and out is part of being an employee owner, and that it takes all 600-plus employee-owners to keep the culture going.If you liked this week's episode and are interested in becoming an Employee-Owner at Sargent, please visit our careers page on the Sargent website.https://sargent.us/apply/If you have an episode suggestion, please send your idea to:sbennage@sargent.us

In this episode of Journey to an ESOP and Beyond podcast,  Jason  and Mackenzie discuss the full lifecycle of an ESOP company. The conversation covers what changes in the first 90 days after an ESOP transaction, including new debt obligations, administrative responsibilities, and the importance of employee communication and engagement. The podcast also discusses how boards and leadership teams evolve over time, why committee structure matters, and how companies can successfully navigate the growing complexities of mature ESOPs. From early-stage growing pains to long-term planning challenges like diversification, repurchase obligation, and balancing opportunities between long-tenured employees and newer participants, this episode provides a practical and candid look at what it truly means to operate as an ESOP company for the long haul.

In this episode of the On Track Podcast, VP of HR Amanda Martin is joined by Superintendent Keith Edgecomb, Controller Casey Flynn, Project Manager Ryan Cullen, Project Executive Kody Vining, HR Manager Claire Ryder, Foreman Alex Castedio, Foreman Kyle Salley, Project Executive Seth Watts, WellBuilt facilitator Matt Verderamo, and Laura Pfeiffenberger and Chris Whitney from Spinnaker Trust in the Flywheel Studio on graduation day of the Sargent Leadership Academy. The group walks through what the program actually looks like, from DISC profiles and emotional intelligence to planning for hard conversations, learning the inside workings of finance, HR, estimating, and workforce advancement, and getting an outside look at corporate governance and the ESOP. Participants share how the academy shifted the way they think about leadership, why role-playing turned out to be more useful than they expected, and how a class of employee-owners from different departments and regions grew tight-knit along the way.If you liked this week's episode and are interested in becoming an Employee-Owner at Sargent, please visit our careers page on the Sargent website.https://sargent.us/apply/If you have an episode suggestion, please send your idea to:sbennage@sargent.us

In this episode of Journey to an ESOP and Beyond, Makenzie breaks down the negotiation process behind an ESOP transaction. From purchase price and seller note terms to governance, SARs, board composition, and fiduciary requirements, this episode explores the key terms that are typically negotiated between the seller and the ESOP trustee. If you're considering an ESOP or preparing for a transaction, this episode offers a practical overview of what to expect during negotiations and how the process compares to a traditional M&A deal.

When Kate Morgan started thinking seriously about selling her business, she assumed the big payoff would come at closing. But as she tells David C. Barnett and Paul Downs this week, she's come to understand that the smarter move might be not selling—at least not yet. Why? Because if the business keeps performing and she can gradually remove herself from the day-to-day operations, she may ultimately make more money by continuing to own it. That's partly because, as David explains, small businesses often sell for lower multiples than owners expect. Which means the real value may not be in a clean exit, but in continuing to collect profits while slowly transitioning ownership to key employees. “So you'll be selling the business,” says David, “and you'll be collecting dividends or distributions on top of that. This is one of the most lucrative exits there can be.”Of course, delaying a sale comes with its own risks. Markets change. Businesses cool off. Buyers get nervous. “You have to make the decision and make the sale happen while you've got a full head of steam,” David warns. Wait too long, and the numbers can start sliding in ways that dramatically reduce what buyers are willing to pay.Plus: A Reddit post raises a brutal management challenge: What's the best way to lay off a relative? “It really can't affect your decision,” says Paul. “Because if it needs to be done, it needs to be done.” That doesn't make it easier. It just means you may have to live with both the business consequences and the family consequences at the same time.