Journey to an ESOP & Beyond
Jason Miller & Makenzie Wirth
ESOPs are gaining traction. In the "Journey to an ESOP & Beyond” podcast, Doeren Mayhew's Jason Miller and Makenzie Wirth explain the process of the ESOP transaction and address ESOPs from a business owner's perspective. They illuminate the simplicity of ESOPs and debunk common misconceptions that ESOPs are immensely costly and complicated.--“Doeren Mayhew" is the brand name under which Doeren Mayhew Assurance and Doeren Mayhew Advisors, LLC and its subsidiary entities provide professional services. Doeren Mayhew Assurance and Doeren Mayhew Advisors, LLC (and its subsidiary entities) practice as an alternative practice structure in accordance with the AICPA Code of Professional Conduct and applicable law, regulations and professional standards. Doeren Mayhew Assurance is a licensed independent CPA firm that provides attest services to its clients, and Doeren Mayhew Advisors, LLC and its subsidiary entities provide tax and business consulting services to their clients. Doeren Mayhew Advisors, LLC, DM Payroll Solutions, Doeren Mayhew Capital Advisors and their subsidiary entities are not licensed CPA firms.
Episodes
Mentioned books
Jul 3, 2023 • 37min
EP16 - Catch Me If You Can - Choosing your ESOP Advisors
On your journey to an esop - who are the ESOP advisors? Catch me if you can is an excellent movie about a high school con man that intuits at an early age the art of providing just enough true information to become believable - this is a true story. Why is he successful? This episode has philosophy and psychology even though not my specialty…I am just an ESOP guy. However - all of it makes me think of how important it is to align yourself with the rights advisors including sell-side, trustee, attorney, and valuation firms.
Jun 22, 2023 • 39min
EP15 - ESOP Insurance - What Do You Need For Your ESOP transaction? Patrick Dixon with Murray Insurance Associates.
This episode leverages the knowledge of an experienced ESOP insurance agent to help folks better understand the requirements for Fiduciary, D&O, EPL Insurance…Patrick is has an excellent way of keeping this part of the ESOP requirements straightforward so that they are easy to understand and plan for on your journey to an ESOP.
Jun 11, 2023 • 39min
EP14 - Count of Monte Cristo - ESOPs and Management Incentive Plans - Best Practices of Retaining Key People
In this episode, we deal with a good overview of how important it is to keep our key people if we want to grow and strengthen the value of the business. Poor Edmund Dante’s - betrayed and put in the dungeon - retained against his will and that would inspire a whole novel/movie around vengeance. We want our retention strategies to leverage positive tools like the ESOP and SAR plans to compel the best folks you have to stay for the long-term - and better yet continue the great culture you have built in your company for the legacy of your business.
Jun 2, 2023 • 50min
EP13 - Progressive Flooring and Services, Inc. - Interview with Nino Cervi (CEO and former shareholder) their journey to a 100% ESOP
This episode focuses on the journey to an ESOP for Progressive Flooring and Services, Inc. out of Ohio. We worked with the company for the last few years prior to and after COVID. The company persevered under great leadership and a vision for the future to pull off a very successful ESOP transaction. The episode will help others that are considering an ESOP with the experience Nino and his team went through…I find that these types of episodes are very helpful for companies to expose them to issues that either they are dealing with or haven’t yet experienced.
May 23, 2023 • 40min
EP12 - Benjamin Button - Not Getting Any Younger - What Age Should I Be To Start My ESOP?
In this episode - we explore a very often asked question as to what age should I be to start my ESOP. One of my favorite aspects of ESOP transactions is that it can be very flexible to structure and it is not always a used as just an exit plan. This podcast focuses on answering questions around the age of shareholders and when would be the best time for them to start the ESOP process - because you know “no one is getting any younger!”
May 10, 2023 • 42min
EP11 - Jim Bonham - President of The ESOP Association - Interview on Current Legislation and Resources
Jim Bonham - President of “The ESOP Association” was kind enough to share with us a solid overview of the a dynamic and powerful resource for the ESOP industry. They have a strong role to play into the ESOP political landscape being credited with ongoing legislative efforts to stay in front of congress and help advance positive ESOP legislation. Mr. Bonham provides updates related to Secure 2.0 for the parts to affect ESOPs. This episode will be very helpful to better understand The ESOP Association as a resource.
Apr 27, 2023 • 42min
EP10 - Ahhhh…Freak Out! ESOP process - how might one freak out during the process and what can you do about it?
This episode is a continuation of our tribute to the 70’s with this classic and memorable song that captures everything we want to say in two simple words: FREAK OUT…. I was inspired for this episode in having multiple experiences with clients throughout the last several years from mild anxiety to a little more than anxious when it came to certain parts of the process. Keeping in mind that this is for many the only time they have ever sold their business - it can be a trying time to say the least. The ESOP sell-side advisor needs to plan and prepare with the client to try and eliminate as many potential surprises as possible. But there are other reasons for freak out and this episode does its best to nail down those to prepare for what may come throughout your journey to an ESOP.
Apr 17, 2023 • 39min
EP9 - EOT (Employee Ownership Trust) vs ESOP Employee Stock Ownership Plans with Chris Michael at EOT Advisors
What are the alternatives to an ESOP? One is the EOT or employee ownership trust. This presents some particular differences to the ESOP that might be part of the consideration early in your journey to an esop. Chris Michael is the founder of EOT advisors and helps selling shareholders review this as an option to the ESOP. Chris is a very knowledge professional with an academic background as well.
Apr 7, 2023 • 40min
EP8 - All The President’s Men - When Should You Announce Your ESOP?
This episode comes from questions generated from our website at journeytoanesop.com - to help better understand what is the best way to announce the news to your employees about your new ESOP. On this episode, we cover the deeper questions of matching up ESOP news and announcements with a particular culture and how important it is to have an impactful message as you build. But having a strategy to message it frequently is going to be significant to enhance your culture into “ownership thinking.”
Mar 25, 2023 • 49min
EP7 - Story of a New ESOP - Total Solutions Group
This episode we get the opportunity to interview Mike Keesee and Carl Brown selling shareholders of an Architect and Engineering firm out of Orlando FL. Mike and Carl have been on a journey to an esop - find out lessons learned and how they have worked through the process. The company happens to be both an EOS (traction) and Great Game of Business managed company. This episode will provide some valuable insights for those considering the ESOP from multiple angles including: succession planning, exit planning, culture, long-term flexibility, employee engagement and other important aspects of an ESOP.
