In Four Years, This Will Be Your Business
Jaci and Michael Russo’s plan to get their son, Jackson, to take over the business had one key element: Don’t say a word.
Good Morning!
Here are today’s highlights.
Under the president’s new tax law, you might pay less in taxes as a C corp.
A pizza shop owner ordered oven replacement parts from Canada worth about $640. They arrived with a tariff bill of $1,196.12.
The Commerce department is considering taxing the assessed value of unproven ideas.
Retail sales rose twice as much as economists expected in August.
THE 21 HATS PODCAST
This week, Jaci Russo and Sarah Segal wrestle with a question that haunts many entrepreneurs: How do you bring your kids into the business—whether for a summer or for good—without messing up the business (or the kids)? For years, Jaci and her husband Michael quietly hoped their son Jackson might one day take over their marketing agency. Their unusual strategy? Never mention it to him—at least not until he’d demonstrated interest and not until he’d proven himself somewhere else. The approach seems to have worked: Jackson has joined BrandRusso, and Jaci has told him he’ll take over in four years. Which prompted Sarah to ask Jaci an obvious question, “What happens if he takes over, and he does a bad job?” As it happens, Jaci and Michael have thought about that, too.
“Plus: Jaci and Sarah discuss the merits of the new tech trend, especially hot in San Francisco, where more and more people are wearing AI-powered devices that can stealthily transcribe every conversation they have.
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