The arduous work and sweat equity of building a business from the ground up is something I learned to appreciate at an early age. I come from a family of entrepreneurs, and witnessing their challenges and triumphs fostered my admiration and respect for small business owners. My grandfather owned a Mercedes Benz repair shop in Los Angeles, and my uncle decided to open one in Las Vegas upon my grandfather’s passing. While my firsthand witnessing of their professional journeys played a role in developing my fascination with entrepreneurship, my father, Ross, had the greatest impact of all, and he set the standard of what it means to be a small business owner.
My father set these principles for me at the early age of ten when he started his trucking company, LFS, in 1999 which specialized in same-day freight delivery across California. Watching him navigate the highs of a prosperous, smooth-running business to the lows of the “.com” bubble and the real estate crisis in 2007 taught me invaluable lessons about resilience and the impact an employer can have on their employees’ lives. Challenging times revealed the most about my father’s character and, in turn, shaped my own.
The 2007-2008 financial crisis caused many hardships to sweep across the nation and presented my father with some of the most difficult decisions he ever had to make in his business—letting go of employees. These people stood by him, contributing to our family’s well-being and the company’s growth for years. He made it his mission to rebuild a thriving business, rehire those same employees he had to let go, and make sure they shared in the successes. I witnessed the impact on the lives of not just the employees but their families also. This experience left a lasting impression on me and offered an incredible lesson that entrepreneurs everywhere can benefit from in the ever-evolving business landscape. Companies that treat their key employees like family and help them achieve their goals will be the ones that attract and retain top talent.
In this article, I will reveal how business owners can take advantage of unique strategies within endorsement-based split-dollar plans and Kai-Zen leveraging to attract, obtain, and retain top talent for their business. After establishing how each of these strategies works and breaking down their main components, I’ll then demonstrate each strategy’s benefits to both the employee and the employer.
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