Warner Norcross + Judd LLP Partner Justin Stemple wrote an article for the Grand Rapids Business Journal titled “Selling your company? Consider an ESOP.”As baby boomers retire, business owners are thinking about their succession plans, writes Stemple.
Many business owners don’t have a successor, family member or management team to transfer their business to – which is why ESOPs have become an attractive option for entrepreneurs in recent times. It’s a way to protect the company they have built and stay involved in its operations – especially if the owner wants the company to remain locally owned and avoid selling to a competitor or private equity group.
ESOPs are gaining popularity and Stemple gives us at look at why you may want to consider an ESOP for your business and how to get started.
To read the GRBJ article, click here.
Stemple is chair of Warner’s Employee Benefits Practice Group and leads the firm’s ESOP team. He focuses his practice on qualified retirement plans, non-qualified deferred compensation plans and executive compensation, with a particular emphasis on employee stock ownership plans, incentive programs and equity compensation. ESOPs comprise a majority of his practice and he anticipates this trend of companies moving to an ESOP structure to continue. Learn more about his practice here.