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.
