April 2014 Web Extra: Assembling your ESOP team

April 7, 2014 -  By

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.
LM Staff

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