About Don Tietz: For over 30 years Don Tietz has been a leader in the world of business development and operations for practices in healthcare. For the past decade + he’s held leadership positions in larger dermatology practices in finance and operations. Currently he’s the VP of Operations with Dermatology Associates of LaGrange. Don’s special skills are identifying high potential business opportunities and launching successful new ventures. Additionally, Don has particular expertise in turning around operations that are struggling through tough economic times and have a hard time getting the financing they need. His goal with everywhere he goes is to move a struggling situation beyond survival and into prosperity
In this episode, Carl White and Don Tietz discuss:
- How does the ESOP work?
- ESOP is a qualified retirement plan
- The size of the organization matters
- Flexibility and opting out early
Key Takeaways:
- ESOP is a qualified retirement plan that’s not so different from a 401k plan. The practice becomes a tax-exempt organization and it benefits every shareholder in your business. The government gets their money when you retire and cash out.
- Find a trustee and get them to become the manager of the shares. They buy the business from you and they distribute the stock to all the employees based on a certain criteria. The value of the company sets the value of your stock.
- The size of the organization matters. You have to be at a certain point in your business in order for this to make sense. The bigger the organization the better it is for everyone in terms of returns and being able to handle whatever comes.
- Even if you’ve got the plan running in your organization, there is still an element of flexibility involved. You can still decide to opt out prematurely if that is part of your business strategy.
“Just by showing up and doing your job, you’re gonna be granted these shares. You don’t have to take a penny out of your pocket, it’s not reducing your take-home pay at all and you’re gonna get benefits from it.” – Don Tietz
Connect with Don Tietz:
LinkedIn: https://www.linkedin.com/in/donald-tietz-b63127b/
Want to be a guest on PracticeCare? Have an experience with a business issue you think others will benefit from? Come on PracticeCare and tell the world! Here’s where you can get the process started: https://marketvisorygroup.com/practicecare-podcast/
Connect with Carl White:
Website: http://www.marketvisorygroup.com
Email: whitec@marketvisorygroup.com
Facebook: https://www.facebook.com/marketvisorygroup
YouTube: https://www.youtube.com/channel/UCD9BLCu_i2ezBj1ktUHVmig