California is facing a Silver Tsunami of retiring business owners. There are many owners of small- to medium-sized businesses with no succession plan in place for when they retire. Business owners in California should consider an ESOP as an option to provide tax benefits and a ready buyer for their company when looking towards retirement. An ESOP allows owners and founders invested in the continued success of the company to maintain majority interest and control of the company to ensure the traditions of quality while rewarding employees who help build the company. An ESOP further provides a way to:
- transition from private ownership to employee ownership based on the owner's terms and timeline
- give employees an interest in the long-term success of the business
- keep the company local
- provide good jobs to residents
- act as a beneficial member of the community
- maintain the company's hard-earned goodwill (as something many business owners take pride in especially with their name attached to the company)
Download ESOP information booklet by clicking here.
Read on: https://www.bsllp.com/practiceareas/esop.html
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