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John said:John Larkin wrote:
[...]
I've never quite understood this obsession with sports at American
universities. In Europe we had none of that. When you were at a
technical school you learned engineering stuff and that's it. If you
wanted to play league-level soccer, fine, but then you had to join a
local club outside academia for that.
It is sort of strange. At least Cornell doesn't have athletic
scholarships, and athletics are strictly on top of a full academic
load. US college football and basketball are a disgrace.
I've met some of the results of that. They strike it big in sports, make
money, become famous and then at 35 the joints are all worn out. So the
first career is over. "Ah, but I've got an education!" Then you deal
with people who have landed high level positions because of their
celebrity status or whatever but don't have the foggiest how to run the
new show.
So, will she become president and CEO of Highlandtechnology after you
retired to the islands?
I'd love it if she was interested. Eventually I'll have to turn this
mess over to somebody, or liquidate it. Liquidation would be a waste,
because we have customers and "goodwill." and the thing could continue
to grow. Too many small businesses die because there's no provision
for succession, or because the kids get greedy and start squabbling.
I'll probably hire her when she graduates next spring, and see what
happens.
Or they die because of death taxes. IIRC that's what wiped out Sam's
Town. You might remember it from drives up to Tahoe, on the right side,
Cameron Park exit. It was "the" place to stop for lunch for families
with kids and tour buses.
The inheritance taxes are insane, and it takes a lot of bizarre,
expensive planning to dodge them, life insurance and charitable trusts
and all sorts of crazy schemes. The inheritance tax is the perfect
mechanism for killing US businesses.
Not just in the US, the thresholds are even lower in other countries.
And if you are too far removed a relative the rates become so exorbitant
that liquidation or turning down the whole inheritance becomes their
only option.
Making death a taxable event is so gross, even the Romans did not dare
to do that and they were the real masters when it came to collecting
taxes. In the case of Sam's Club dozens of jobs have disappeared but I
do not expect body politicus to understand that.
I think one method they use in Europe is to continue it as a foundation.
Dang, I'm already married!