What is an ESOP?
– An ESOP is an Employee Stock Ownership Plan
– It is a vehicle that allows employees to own stock in the company they work for and allows business owners to sell their company to their employees
– An ESOP is a qualified retirement plan similar to a 401(k)
– ESOPs differ from a 401(k) in that the assets held in the ESOP plan are stock in the company the employees work for
– ESOP shares are allocated to participants over time
– Participants leaving the company cash out their ESOP shares at fair market value
View one of our ESOP webinars here – ESOPs: A Savvy Business Succession Strategy
|GBQ’s professionals regularly assist employee-owned companies on ESOP matters, and have successfully guided many companies through the initial evaluation and implementation of an ESOP. We are active members in the ESOP Association, the National Center for Employee Ownership and the Ohio Employee Ownership Center. We also serve as frequent speakers and authors on ESOP-related topics on a local, regional and national basis.