In the previous episode, Dave Phillips joined us to share his recent Employee Stock Ownership Plan (ESOP) experience. In today’s episode, we look at the technical side of the process – without getting too far into the weeds.
Joining us again on unsuitable on Rea Radio Tim McDaniel who explains why ESOPs are growing in popularity, how they compare with other succession plan options and what goes into implementation.
A popular succession plan (or lack thereof) for a surprising number of business owners is to simply die at their desk and let everybody else clean it up. That is not the plan we would recommend or the best way to capitalize on your greatest asset… but it is an option. However, you also have other, better options! Your succession choice all comes down to what is more important to you: money or legacy?
If you are a business owner, you will be interested in these other topics discussed in this episode:
- Whether you should consider an ESOP for your business
- The fiscal & emotional considerations of a succession plan
- How to successfully implement an ESOP
If you liked this episode of unsuitable on Rea Radio, let us know by hitting the like button or by sharing it with your followers on social media. You can also use #ReaRadio to join the conversation on Facebook and Twitter, and you can watch the podcast in action on the Rea & Associates YouTube channel. We’ve also included access to additional resources on our website at www.reacpa.com.
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articles & insight
Could You Give Your Employees The Keys To The Kingdom? – Having an ESOP in place is a great way to reward your employees for their work at your business and enhance your business’s retirement plan offering, but they aren’t going to work for all businesses.
How To Plan For What Comes Next – Businesses that fail to consider the organization’s future are at an increased risk for financial and organizational hardship.
Five Steps to Maximize the Return on Your Largest Investment: Your Business – It’s time for you to start managing your business to maximize the return on your investment.
Not Quite 50 Ways to Leave Your Business – It may be time to start planning for life after you’re finished at your business. Knowing the ways to leave your business is the first step of a successful transition.
official transcript
Click here to read the official transcript for episode 130, “ESOP Fables: Is It The Right Move For You?”