Business succession planning is a hot topic amongst enterprise owners today. You spent a lifetime building a company and took great care to make it the success that it is. You want to take the same amount of care in planning its transition from you at the helm to your chosen successor/s taking full control.
You’ve done your homework—you know what options are available to you. You know you don’t want to sell the business, and you also don’t want to close it.
And you’ve taken care to choose someone you really feel just “gets” your business and can take it into the future.
One of the options you’re strongly considering is an Employee Stock Ownership Plan or ESOP. But… you’re not entirely certain how it works or even if it’s the right plan for you.
You have a lot of questions. Will this type of plan be attractive to my employees? Will I have to give up too much control too soon? Would it be fiscally wiser for me to consider an outright sale to a third party? How much of my company’s confidential financial records do I have to expose to shareholders?
These are good questions. A wise company owner considers every angle before making such an important decision.
Check out our blog at http://www.gbhcpas.com/blog/esops-debunking-the-top-5-misconceptions to discover the five most common misconceptions about ESOPs.More