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Business owners often overlook knowledge transfer during succession planning. A trucking company successfully transitioned by training replacements for key roles over a multi-year period, ensuring a smooth handover and continued business success.
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205 | What Is An ESOP & How Does It Work? | Employee Stock Ownership Plans Explained
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Suggest questionAt some point, if you’re a business owner, you’ll have to think about trading your business in for retirement. And when it comes to identifying an exit strategy, you can either liquidate, keep it in the family, sell it to the highest bidder, or get your employees involved.Â
Ted Lape, a partner with Lazear Capital Partners, joins us on unsuitable to teach us more about the latter - getting your employees involved. He explains what an Employee Stock Ownership Plan (ESOP) is, what it isn’t, the benefits of starting your own, potential pitfalls, best practices, and more.
What Is An ESOP?
ESOPs have gained a lot of traction in recent years. Similar to a 401(k), ESOPs are defined contribution plans. However, instead of receiving Apple or IBM stocks as part of the plan, employees receive stock of the company they work for. It gives employees literal ownership over part of the company, which creates a personal vested interest in growing the company and ensuring it remains successful.
If you're a business owner who is wondering how and ESOP can make your rich or if you're looking for exit planning strategies, succession planning ideas, tax planning tips or wealth management advice — listen to this episode to learn:
If you liked this episode of unsuitable on Rea Radio, hit the like button and share it with your followers on social media. You can also use #ReaRadio to join the conversation on Facebook and Twitter. We’ve also included access to additional resources on our website at .
Rea & Associates is a Top 100 CPA firm with locations throughout the state of Ohio. visit our website at to learn more about the firm, our podcast for business owners, our team of industry experts and accounting service specialists and more. esop explained
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At some point, if you’re a business owner, you’ll have to think about trading your business in for retirement. And when it comes to identifying an exit strategy, you can either liquidate, keep it in the family, sell it to the highest bidder, or get your employees involved.Â
Ted Lape, a partner with Lazear Capital Partners, joins us on unsuitable to teach us more about the latter - getting your employees involved. He explains what an Employee Stock Ownership Plan (ESOP) is, what it isn’t, the benefits of starting your own, potential pitfalls, best practices, and more.
What Is An ESOP?
ESOPs have gained a lot of traction in recent years. Similar to a 401(k), ESOPs are defined contribution plans. However, instead of receiving Apple or IBM stocks as part of the plan, employees receive stock of the company they work for. It gives employees literal ownership over part of the company, which creates a personal vested interest in growing the company and ensuring it remains successful.
If you're a business owner who is wondering how and ESOP can make your rich or if you're looking for exit planning strategies, succession planning ideas, tax planning tips or wealth management advice — listen to this episode to learn:
If you liked this episode of unsuitable on Rea Radio, hit the like button and share it with your followers on social media. You can also use #ReaRadio to join the conversation on Facebook and Twitter. We’ve also included access to additional resources on our website at https://www.reacpa.com/podcast.
Rea & Associates is a Top 100 CPA firm with locations throughout the state of Ohio. visit our website at https://www.reacpa.com to learn more about the firm, our podcast for business owners, our team of industry experts and accounting service specialists and more. esop explained