After working hard to build a successful business, you want to see it live on after you hand over the reins to the company. Who knows your business better than you and your employees? This is why so many closely held businesses in construction and contracting choose an employee stock option ownership plan (ESOP) as a business succession strategy. It establishes an employee-owned company, and offers a flexible, tax-favorable way to exit the business, provide retirement benefits, and retain and motivate employees.
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