So, you’ve been giving a lot of thought to your business succession plan, and you’ve put many hours and sometimes sleepless nights into the research process. There are a lot of options to consider, and you’re starting to formulate a strategy that feels right to you.
It takes a long time to wade through the various scenarios that might be best suited to your personal business situation. Unfortunately, retirement planning takes just that—a ton of planning! But you’re off to a great start—you know that an ESOP is a right fit for you.
ESOPs provide a wonderful way for a CEO to transition from a very active role to a more passive one. Employees opting into an ESOP gain a real feeling of ownership, pride, and teamwork. It’s a win-win situation for all involved.
Seeing the benefits to all parties involved was easy for you. But trying to actually implement ESOPs into your business? Not so much.
It’s easy to become overwhelmed by what appears to be an insurmountable task. The sheer amount of logistical paperwork seems like a nightmare! But like anything worth tackling, it becomes less intimidating when broken down into simple, manageable steps.
In this article, you will discover five straightforward steps to take your ESOP from just a concept to a reality.