Uncommon Business Bulletin #3 (+ New Pod)

Our roundup of relevant news, links, and resources for small and medium sized businesses, leaders, employees, entrepreneurs, and curious humans.

The Uncommon Business Bulletin is a regular roundup of news, articles, and other things that are relevant to small- and medium-sized business, entrepreneurs, leaders, employees, and readers who are generally interested in business, leadership, economics, policy, and finance.

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The Uncommon Business Bulletin #3

September 10, 2024

Aaaand we’re back. After posting our first and second Uncommon Business Bulletins, we took the rest of the summer off from media production.

Now we’re back, and you can expect a weekly newsletter from here on out (with occasional vacation breaks).

If you ever have questions or feedback for us, leave a comment on this post or hit us up at hello@lumogroup.co.

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1. New Uncommon Business Podcast Episode: This episode is a little different. I (Peter) am actually interviewing my usual co-host Keeley about her previous company, Wild Friends Foods. Now that Wild Friends is officially closing its doors after 13 (!!) years, Keeley can talk about it more freely. You can check it out below, on Spotify, Apple Podcasts, or in the podcast player of your choice.
   

2. “Is this the Succession Plan for You?” - I (Peter) was recently on the 21 Hats Podcast to talk to entrepreneur Jay Goltz about whether a Purpose Trust or Employee Benefit Trust might be the right move for him and his business. If you’re thinking about succession planning for your business (or know someone who is), you can listen to us have a live conversation about the types of businesses that might be right for trust ownership. Listen on 21 Hats, Spotify, Apple, or wherever you get your pods.
   

3. Do you know about the small business retirement plan tax credit?

   1. If you run a small business (<100 employees) you “may be able to claim a tax credit of up to $5,000, for three years, for the ordinary and necessary costs of starting a SEP, SIMPLE IRA or qualified plan (like a 401(k) plan” as part of the small business retirement plan tax credit program.

   2. You may claim the credit to offset the costs you incur to set up and administer the plan, and to educate your employees about the plan.

   3. As a reminder, a credit is more advantageous than a deduction, as it reduces your tax burden dollar for dollar, rather than just reducing your taxable income.

   4. TL;DR: If you’ve been thinking about setting up a retirement plan for you and your employees, be sure to take advantage of this tax credit. Read more about the startup credit and other credits/incentives for setting up retirement plans in this article from Guideline.
      

4. Other Things Worth Clicking:

   1. Economist Noah Smith on taxing unrealized gains (there are better ways to increase taxes on the rich)

   2. Urbanist Ed Glaeser on tackling the housing affordability crisis (he suggests a stick, rather than a carrot approach).

   3. Acquired’s podcast episode on Costco - must-listen material for any business owner, leader, or investor. Fantastic breakdown of one of the world’s most interesting companies.

   4. Tiffany Vargas
      over at Employee Ownership + Workplace Democracy writes about “Psychological Ownership.” I really like this term and think it’s something that all leaders should think about fostering, regardless of their ownership structure (of course, it may be easier to foster in an employee ownership / benefit structure).
      

5. KYM (Know Your Memes): I keep this GIF from The Last Dance (highly recommend BTW) saved on my desktop, because occasionally it’s the perfect response to a text message or tweet. For today, I will pair it with the caption: “When the latest issue of Uncommon Business hits your inbox” 😉

   

That’s all for today folks.

Enjoy your week. Life is beautiful. Do good work. Etc.

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