@Sig, on somewhat related topic, since you are in tech industry, would you even care where your employees are physically located? Let's say one of your A employees wants to move to Florida or wherever.
Icahn is moving to Florida as part of end of life tax planning. It takes 3 years to receive a letter from NY State department of Tax that you are tax compliant and are not subject to NY estate tax.
alot of investment firm are moving out of nyc cause of the tax purpose. alliance bernstein are moving from nyc to tennessee. funny, i interviewed for a position at icahn office in midtown about 8 years ago. the office got alot of antique old furnitures and very dark office. and it seems just from a hunch he doesn't pay his employees (the one not producing any revenue, just support staffs) that much. glad didn't take the position.
You really cannot judge a company, how well they pay their employees, or the CEO, by the office furnitures or size of the offices. A few years back I attended BRK's annual meeting, then visited BRK HQ and Buffett's home. The building was not very impressive and BRK only occupied a couple of floors, his home wasn't that nice either.
%% Most likely Mr Ichan is moving because of too many taxes, but warmer weather could be a part of it. Even worse than high taxes; an over regulation/control freak mentality tends to go with high taxes.
Seems like a pretty generous relo-program. He's also guaranteeing bonuses. Billionaire investor Carl Icahn is moving to Miami next year — and his employees who don’t like it will be let go without any severance, The Post has learned. Icahn quietly informed the staff of his publicly traded Icahn Enterprises that he’ll be shuttering its offices in New York City and White Plains on March 31, and immediately re-opening in Florida’s Magic City the next day. “My employees have always been very important to the company, so I’d like to invite you all to join me in Miami,” he wrote in a May 17 letter obtained by The Post. To sweeten the deal, Icahn promised that everyone who makes the move will be paid at least as much in salary and bonus next year as they earned in 2018, and that anyone who gets fired before March 31, 2023, would get an “immediate payment” equal to that amount. He also offered a $50,000 “relocation benefit,” that will be “payable in April 2020 once you have established your permanent residence in Florida,” according to a follow-up memo. But for those who don’t relocate to the Sunshine State, “the Company will not contest your unemployment claim,” the memo says.
Actually I have people all over the country, which works for me. Probably harder to pull off with a hedge fund.
It is not particularly harder, maybe less so. Are you familiar with risk management and video conferencing?
Lot's of companies are moving to the Miami Dade area... According to Florida State economists, the state will continue growing by more than 330,000 people a year through 2024. That works out to over 900 people per day. Such population growth is analogous to Florida adding the population of a city slightly larger than Orlando every year! Miami County, Palm Beach County, and Broward County have captured 45% of this growth.