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
Sep 10, 2024 • 37min
EP25 - Pink Panther - The Strangeness of ESOP Negotiation
In this podcast episode we use a classic scene from the movie “Pink Panther” which highlights using the “American” French accent to illustrate the strangeness related to an ESOP negotiation. In ESOP transactions it is important to understand that the purchase price or valuation of shares being sold hinge on the ultimate result of the negotiation with a trustee along with their independent buy-side team. The strangeness can come from the back and forth with the seller offer/trustee counter offer/seller offer.
Aug 29, 2024 • 50min
EP24 - The Power Of Monthly ESOP Communication With Diana Clark
This episode we invite Diana Clark, who specializes as a full-time ESOP communication’s consultant, to provide a framework to understand the power of frequent and effective communication around employee ownership. If you are brand new to ESOPs or been an employee-owned company for a few years or even many years - the bottom line of communication will improve the bottom line of your business.
Aug 20, 2024 • 41min
EP23 - Inside Out - Part 2 - Inside Note vs. Outside Note
This episode is part 2 of discussing the inside note versus the outside note on an ESOP transaction. We feature the recently released part 2 of Inside Out - as it is an excellent sequel in the story of how human emotions can play into how we make decisions , in particular how anxiety can cause problems in daily life. The podcast contrasts this to how we deal with the anxiety of the company going into debt for leveraged buyout financing. The episode focuses on the planning side to provide a sustainable ESOP transaction and helps to provide some terminology for those wanting to better understand and enjoy their journey to an ESOP.
Aug 12, 2024 • 51min
EP22 - ESOPs for the Construction Industry – interview with Joe Hurt of RLH Construction, a 100 percent ESOP
This episode represents the 2nd interview with Joe Hurt of RLH Construction. Joe discusses some of the challenges and opportunities of an established ESOP. A few years into their ESOP, RLH Construction has experienced very strong results from the ESOP. Joe is the CEO of the company and has worked through issues such as leadership transition, retiring a large portion of the initial senior debt, managing bonding issues, as well as a myriad of other specifics. For Joe and his team, the ESOP has been a tremendously valuable took to strengthen their efforts in the industry and has helped the company reach new heights.
14 snips
Aug 6, 2024 • 36min
EP21 - Inside Out: Inside Note Vs. Outside Note - Part 1
Discover the intriguing world of ESOP transactions as two types of notes are explored: inside and outside. Delve into the concept of the inside note and how it facilitates employee share releases. Learn about IRS code section 404 and the implications tied to repurchase liability. The discussion also highlights the tax benefits derived from structuring the inside note, showcasing its vital role in employee ownership psychology. Insights from the film 'Inside Out' add a compelling layer to understanding financial responsibilities.
Jul 26, 2024 • 48min
EP20 - Corey Rosen with NCEO - An Update on ESOPs
On the podcast this week, we interview Corey Rosen, the founder of NCEO and a huge contributor to ESOPs discusses the updates and trends relative to ESOP companies. Through our discussion, Corey highlights the expansion of ESOPs as the finance world has begun to leverage this realities and benefits of an ESOP in private equity. Some of these ideas discussed on this podcast have been highlighted on a recent 60 Minutes program (which can be found on our website at Journeytoanesop.com).
Jul 17, 2024 • 37min
EP19 - Miss Peregrine Home for Peculiar Children-Motivations for an ESOP
In this episode we discuss the motivations for selling your business to an ESOP. The focus of this episode is to help better understand the reasons to choose an ESOP. The episode was encouraged by the experiences of working through other company’s ESOPs and interacting with diverse personalities and companies, along with their varying goals and objectives.
24 snips
Jul 1, 2024 • 45min
EP18 - Dealing with Mature ESOPs, Repurchase Liability, Changes in Economy, and Re-leveraging - Discussion with Renee Jenkins with Holiday Builders
Renee Jenkins, a seasoned finance and HR manager at Holiday Builders, shares invaluable insights into managing mature Employee Stock Ownership Plans (ESOPs). She tackles complex issues such as repurchase liability and the challenges posed by a changing economy. Renee discusses the importance of strategic planning for stock buybacks and generational differences in the workforce as employees near retirement. The conversation highlights the need for education on ESOP benefits and the value of collaboration between experienced and younger employees.
Jun 18, 2024 • 33min
EP17 - Quigley Down Under - Taking the Long Shot - Preparing for a Successful ESOP
We find that once an ESOP closes, there is some degree of uncertainty on the next steps. In this episode, we focus on the ESOP closing guide to prepare clients on the correct ways to implement the organizational structure and timeline of a successful ESOP. In other words, we cover how to accomplish a company’s goals in the transition of an ESOP that take specific knowledge of timing and communication.
12 snips
Jun 5, 2024 • 47min
EP16 - ESOPs and Private Equity - Discussion with Jason Miller
Former National Director of ESOPs for Bank of America, Jason Miller, discusses the 'Expanding ESOP Initiative' on the podcast. Topics include comparing private equity and ESOPs as exit strategies, challenges in implementing ESOPs in the US, using ESOPs for capital-raising, and promoting employee ownership through ESOPs.
