Succession Planning

Succession planning is one of the most emotional and challenging aspects of running a family business. Family owned business succession planning requires owners to look to the past and the future, be honest with themselves about their successor options, and open all doors of possible communication. Owners  must remember to always keep the best interests…

The ESOP trustee fills the vital role of acting as the legal shareholder of the shares held in the ESOP trust. The trustee has fiduciary responsibility for the ESOP and, as such, bears many responsibilities during the initial ESOP transaction and afterward. These responsibilities make identifying, vetting, and selecting an ESOP trustee a key step…

ESOPs are an effective business exit strategy for business owners who want to retain some degree of control over their exiting of the business. An ESOP allows the business owner to transition out of the business at their own pace, ensure business continuity, and protect company culture.  How Do ESOPs Work as Exit Strategies? An…

Business succession planning is a crucial, but often overlooked, element of business ownership. Many business owners are so focused on growth and maintaining company success that they never have time to consider what will happen to the business after they leave or retire until the time comes. While successful transitions can and do occur with…