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
16 snips
Feb 10, 2024 • 41min
EP5 - Mutiny on the Bounty - Communicating Positively With Key Employees Along Your Journey to An ESOP.
Exploring the importance of proactive communication with key employees during the ESOP process, emphasizing the significance of timely updates and involvement in decision-making. Discussing the impact of company culture on ESOP implementation and the challenges of succession planning. Highlighting the importance of clear communication post-deal closure to dispel misconceptions and maintain a culture of dialogue.
Feb 3, 2024 • 40min
EP4 - EOX - Interview with Steve Storkan - ESOP Education And EOX Mission
In this episode - I interview Steve Storkan and their approach at EOX, an organization founded out of the NCEO to develop state employee ownership educational resources to support companies considering ESOP as an option. Their approach is in response to research that shows - states with education on ESOPs have a lot more ESOP companies. Steve has an interesting ESOP background and leading the initiative to have more state centers throughout the U.S.
Jan 26, 2024 • 33min
EP3 - Jumanji - Reality of Communicating ESOP to Employees
In this episode, we jump right into the expanded version of Season 5 by dealing some factors related to communicating the ESOP to your employees. Jumanji is an ideal movie to explain that there is something that changes after an ESOP that can change the outlook on how employees see themselves - who they are and who they want to be - we want them to move from employees to employee owners on this journey to an ESOP & beyond!
8 snips
Jan 17, 2024 • 47min
EP2 - ESOP Committees - Interview with employees of ESOP company Smooth Fusion
Employees from ESOP company Smooth Fusion in Texas discuss their roles in the newly formed ESOP committee. They talk about ESOP communication strategies, roles within the company, and initiatives aligned with company culture. The podcast delves into employee engagement, wealth building beyond ESOPs, and the importance of continuous education on ESOPs and financial literacy.
Jan 11, 2024 • 37min
EP1 - Journey to an ESOP & Beyond - Special Message
This episode officially kicks off the Season 5 and the expansion of the podcast as a direct resource for Employee Stock Ownership Plans. The Journey to an ESOP just became better because we are incorporating “& Beyond” to discuss not only pre-esop topics but go beyond that and deal with post-esop topics and issues that come up. This episode provides a high-level understanding of what is to come and what we have dealt with in the last four seasons. The value of listening will be to grasp some overall ESOP concepts that may be helpful for you to think about whether you are exploring your own journey to an ESOP or thinking about existing ESOP issues that are beyond the ESOP closing.
Dec 21, 2023 • 41min
EP31 - Christmas Carol - What Does The Ghost of Past, Present, and What is Yet to Come To Consider An ESOP For 2024
This episode takes advantage of the opportunity that we have during Christmas to stop and celebrate the reasons why folks decide to go towards ESOP… In this episode, we cover the ghost of Christmas past and thinking about the people that have helped your business get to where you are and how an ESOP can be the perfect way to reward them. The Ghost of Christmas Present reminds us of what is happening right now that includes the current tax benefits of an ESOP and other benefits to reduce the workload and spend more time with the family. The Ghost of Christmas yet to come makes us think of the future legacy of the business and how much better it will en to be an ESOP company. MERRY CHRISTMAS - The ESOP Guy!
Dec 21, 2023 • 39min
EP30 - Shawshank - Financial and Deal Structure - Completing The ESOP Site Visit Presentation
In this episode we finish the series we started to help prepare folks for the ESOP site visit. The focus of the episode is to understand in covering first the financial highlights and how they connect to points you will want to make with the trustee and their valuation firm. In addition to the financials - the remaining part of the presentation will be to cover the ESOP deal structure and anything specific to the transaction.
Dec 14, 2023 • 44min
EP29 - Third Party Administration for ESOPs - Session with Scott Freund with Blue Ridge
This episode we get to review what is important about third party administration of an ESOP plan. Scott Freund is an absolute expert at the nuances of how benefit testing as it incorporates IRS limitations related to ESOP Plan design. For instance, IRS code section 404 that generally allows for a contribution to the ESOP plan up to 25 percent of the payroll and IRS code section 409(p) related to S-corporation ESOPs to test related to disqualified persons. This is an essential step to understand for planning your ESOP and for staying on top of an existing ESOP plan.
Dec 1, 2023 • 39min
EP28 - The Giver Part 2 - Continuation of ESOP Site Visit
In this episode, we discuss the other parts of the presentation as it relates to the company overview getting into other aspects of the presentation for the trustee and the valuation firm. The value of having a solid presentation, regarding how the company operates, the leadership team, the business processes that are repeatable, and provide a functional mitigation towards the business. This is the one opportunity that we have to put a factual, solid understanding of the way the company operates, including how the strength of the company provide a sustainable long-term ESOP.
Nov 21, 2023 • 44min
EP27 - IRS and ESOPs - Allison Wilkerson ESOP Attorney Interview - Discussion on the Recent IRS review of ESOP Tax Schemes
This episode we are following up on the August IRS notification entitled “IRS cautions plan sponsors to be alert to compliance issues associated with ESOPs” Allison Wilkerson is a frequent speaker at ESOP conferences and works at McDermott Will and Emery out of Texas. She has a very strong background in working through complex IRS and DOL issues related specifically to ESOPs. She offers some insight into what this notification means as it relates to ESOPs. The highlights of this episode are going to help folks not be overly concerned with this notification by the IRS, however, Allison does point out areas that you should be aware of in putting together your ESOP and possible IRS exposure issues.
