April 2014 Web Extra: Assembling your ESOP team

Due to the complexities of setting up an employee stock ownership plan (ESOP), featured in “Ownership pride,” proprietors must enlist the help of several experts to ensure the company has a smooth transition to an ESOP. Kelly Finnell, president of Executive Financial Services, calls these individuals your ESOP team and says it typically consists of:

• The company’s owner(s) or successor management team;
• The company’s attorney and CPA;
• The ESOP consultant;
• The ESOP attorney;
• The bank to finance the purchase (in the case of a leveraged ESOP);
• The ESOP trustee; and
• The owner’s financial adviser.