With a variety of benefits for business owners and their employees alike, it’s really no wonder why Employee Stock Ownership Plans (or ESOPs) continue to grow in popularity. However, it’s one thing to read about the pros and cons of this type of succession plan in the latest business journal and another thing entirely to embark on your own ESOP journey.

That’s why Dave Phillips, President and CEO of Architectural Systems Incorporated, joins this episode of unsuitable to share his first-hand experience implementing an ESOP. We learn why he opted to put an ESOP into play, what the implementation process is like, and what goals they hope the ESOP will help them accomplish.

When should a business owner start thinking about their succession plan?

Many years before you want to retire! It takes a lot of time to create and implement a succession plan, so it’s really never too early to start putting one in place – but it’s very easy to discover you’re making the decision too late. Dave has given himself five to seven years to build a capable management team and turn operations over to them.

If you are a business owner, you will be interested in these topics discussed in this episode:

• The benefits of an ESOP for both the business owner and their employees.
• Why implementing an ESOP gives employees more ownership over their day-to-day work and control over their future.
• How you can finance an ESOP.

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