What is an ESOP & how does it work?
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.
In this podcast, Ted Lape, a partner with Lazear Capital Partners, discusses 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.
If you’re a business owner — especially if you’re starting to think about retirement — listen to this episode to learn:
When it makes sense to enter an ESOP — and when it doesn’t.
How ESOPs benefit employees.
Potential pitfalls and best practices associated with starting an ESOP.