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
Nov 7, 2023 • 33min
EP26 - The Giver - ESOP Site Visit - Company Overview
In this episode we explore another very important section of the ESOP site visit presentation - “The Customer Overview.” Along the Journey to an ESOP, sell-side advisor with the the company’s team are presenting the company to the trustee and valuation firm.
Oct 26, 2023 • 43min
EP25 - ESOP Financing - How Do I Get My Money? Interview with Chris Cucci of Climate First Bank
This episode is helpful to better understand how the banker is thinking about the ESOP deal. Chris Cucci is Chief of Staff at a unique bank - they are a B-Corp that understand the social impact that ESOPs play in many areas - the good that can come from selling your business to an ESOP. Chris is a veteran banker and has used his skillset to direct their efforts to be a strong resource for companies considering ESOPs.
Oct 13, 2023 • 34min
EP24 - Rudy - The Game Plan For The ESOP Site Visit
In this episode - we are celebrating football season by kicking off with “Rudy” one of the most inspirational football movies of all time about the underdog…The episode starts a series to cover preparation for the inevitable ESOP site visit whereby the buy-side team congregate typically at the company’s office. The focal point to this episode is to help prepare for the site visit - detailing the industry of the business, its business model, the customer base, geography and other important factors to where the business operates and relevant business trends. We will follow up with other episodes detailing other aspects of the site visit.
Oct 2, 2023 • 49min
EP23 - ESOP Experience - Georgia Spa 100% ESOP with founder and CEO - Mark Stevens
This episode is super helpful for those that want to learn from someone who has taken his own “Journey to an ESOP” Mark Stevens is the founder of Georgia Spa out of the Atlanta area. Mark’s company went 100 percent ESOP. He shares on the podcast his experience with the ESOP process.
Sep 18, 2023 • 40min
EP22 - Mission Impossible 3 - ESOP Feasibility Exploring The Timing of Your ESOP Transaction
This is part 3 of a series on ESOP feasibility. One of the big questions on people’s minds is when should I pull the trigger for my ESOP transaction as far as timing goes. We get to dial into the dramatic scene in Mission Impossible 3 where Ethan Hunt is tied to a chair and is given 10 seconds to tell where the Rabbit’s foot is which is some kind of weapon of mass destruction. Drama to not drama - the decision as to the timing of your transaction can include different variables that we explore to determine the optimal date of an ESOP transaction. Some of these items include how the interim financial performance of the company is going in comparison to the year end forecast. Consider this and other variables to best determine the transaction date then work backwards. Advice related to timing the ESOP transaction is an important step on your journey to an ESOP.
Sep 5, 2023 • 43min
EP21 - Buy-Side Business Valuation for an ESOP Transaction - Corley Thomas with HDH Advisors
On this episode - Corley and I discuss the approach to an ESOP transaction to establish the valuation through an arm’s length negotiation with Trustee. Corley explains the particular requirements and approach to supporting the transaction trustee on the business valuation that will helpful to better understand what you should consider in planning your ESOP transaction.
Aug 22, 2023 • 25min
EP20 - Mission Possible 2 - ESOP Feasibility - Considering the IRS in Your ESOP Plan
On this episode - we evaluate the idea of taking the “mask off” - what is actually going on with the new IRS Article related to the IRS commissioner investigating ESOP transactions and how do you build your ESOP plan to not be concerned with an IRS issue? Meanwhile utilizing the available tax benefits. This is a critical part of the feasibility Al that you need to thoroughly review with your advisors for short and long term consequences.
Aug 11, 2023 • 49min
EP19 - Building Value in Your Business - Interview with Shawn Busse - CEO of Kinesis
On this episode Shawn Busse (CEO) of Kinesis out of Portland, OR get the opportunity to talk about the valuation from the perspective of ways to improve. We tap into Kinesis’ visionary and unique approach to “branding” that incorporates the proper alignment of customers and employees. It is a powerful concept that takes guts for a company to embrace that kind of change but in the end - a business will improve in ways that ultimately provide a stronger valuation for the ESOP!
Jul 28, 2023 • 38min
EP18 - Mission Impossible - ESOP Feasibility - What to Consider in Your ESOP Planning
This episode will launch a series of ESOP feasibility episodes that bring up some relevant issues related to planning your ESOP. Are you considering a partial or 100 percent ESOP? What will work best for your goals and objectives? We are going to dig into cash flow and the connecting points to modeling a sustainable leveraged ESOP transaction. Assessing entity structure in relationship to the ESOP transaction subject to appropriate limitations. Evaluate the forecast in relationship to multiple areas to qualify the integrity of future cash flows and the company’s ability to repay the debt. These are critical steps in the ESOP planning process. Look for the next episode coming soon in this Mission Impossible series in ESOP feasibility.
Jul 13, 2023 • 47min
EP17 - Interview with Loren Feldman from the 21 Hats podcast as a special guest to talk about ESOPs
This episode began from the meeting we had in Portland OR this year when I got to meet with some folks thinking about going towards an ESOP. Former senior editor of Forbes - he created the Small Giants Franchise…he now has his own podcast called 21 Hats. Loren is a wealth of information - all of this leads to an interesting dialogue on ESOPS.
