Retaining top talent has always been a concern for business owners in all types of industries and company sizes. But finding ways to do this without breaking the bank can be difficult.
In this episode, Keith Beggs interviews John McDonough, senior managing director at Cool Springs Financial LLC, about how to retain top talent in your company, and rewarding these employees without impacting your own company growth or monetary growth.
Keith and John discuss:
- How to set up retention programs for your C-suite level employees that aren’t bonuses
- How the non-qualified benefit can give the employers more control but still satisfy the needs of your employees
- Pros and cons of a ESOP (Employee Stock Ownership Program)
- Why having your loan on the books can make you unbankable for future endeavors
- Protecting yourself from the sudden departure of a top talent employee
Resources:
- Episode 11: Why Use Premium Financing Part 1 with Guest John McDonough
- Getting the Most Out of Employee Benefits Packages with Adam Fineberg. Part 2 of 5. (Ep.29)
Connect with Keith Beggs:
- keith@steadfastws.com
- LinkedIn: Keith Beggs
- LinkedIn: Steadfast Wealth Strategies
- Facebook: Steadfast Wealth Strategies
Connect with John McDonough:
- CoolSpringsFinancial.com
- John McDonough.com
- Email John McDonough
- LinkedIn: John McDonough
- Twitter: John McDonough
- LinkedIn: Cool Springs Financial
- Facebook: Cool Spring Financial
- Twitter: Cool Springs Financial
About our Guest: John is one of the original four Managing Directors to take Cool Springs Financial’s Prestige Strategy to market focusing on business, estate planning and retirement solutions that utilize specialty financing.
In his business planning practice, John helps business owners, executives, and key employees with strategies for executive compensation, employee retention, bonus structures, etc., all designed with little to no cost to the company and little to no tax to the employee. John’s experience with Cool Springs and his ability to structure designs uniquely to fit the clients needs has made him a highly sought after resource for the rest of the industry.
John has spoken at national meetings as a product matter expert, has served in an advisory role, and has served on the board of directors of several national organizations.
John married his high school sweetheart, and the two are proud parents of beautiful daughters. He is passionate about his faith, family, and friends. In his spare time, when John isn’t golfing, he is helping those in need through philanthropic initiatives he and his wife believe in deeply.
Podcast: Play in new window | Download