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.<\/p>\n
You\u2019ve done your homework\u2014you know what options are available to you.\u00a0 You know you don\u2019t want to sell the business, and you also don\u2019t want to close it.<\/p>\n
And you\u2019ve taken care to choose someone you really feel just “gets” your business and can take it into the future.<\/p>\n
One of the options you\u2019re strongly considering is an Employee Stock Ownership Plan or ESOP. \u00a0But\u2026 you\u2019re not entirely certain how it works or even if it\u2019s the right plan for you.<\/p>\n
You have a lot of questions.\u00a0 Will this type of plan be attractive to my employees?\u00a0 Will I have to give up too much control too soon?\u00a0 Would it be fiscally wiser for me to consider an outright sale to a third party?\u00a0 How much of my company\u2019s confidential financial records do I have to expose to shareholders?<\/p>\n
These are good questions.\u00a0 A wise company owner considers every angle before making such an important decision.<\/p>\n