Summary
What is an ESOP and how do business owners decide to transition ownership of their business, and often their life’s work, to their employees? Most business owners know that there are three options when planning for retirement. One, they can sell their business. Two they can, pass the business to a member of their family. Or three, they can close up shop. But, there’s a fourth option. One that allows a business owner to sell the business to the people who care most about its success, the employees. It’s called an Employee Stock Ownership Plan. This type of succession plan happens on the business owner’s timeline and ensure the business stays open, local, and in the hands of people who are passionate about the legacy of the company. In the “4th Option Series” you will hear from ESOP companies in multiple different industries, and their seasoned advisors, about what an ESOP is and if it’s right for you.