Journey To An ESOP & Beyond podcast

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EP10 - Band of Brothers - Employee Centric Cultures For ESOPs 40:22

7 hari yang lalu40:22

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40:22

The show “Band of Brothers” offers a perfect example of leadership from the character of Captain Sobel and provides examples of overcoming obstacles to establish a strong culture. Specifically, the show provides an example of an employee-centric culture: a culture that embodies a solid group of employees ultimately banding together. This episode covers the 5 c’s of an employee-centric culture: Commitment; Care; Celebration; Communication and Community. The topic might be helpful to assess wherever you are in your journey to an ESOP as you build, improve, or sustain the culture of your business.…

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EP9 - ESOPs and The Economy - Interview with Chris Cucci - Climate First Bank 41:06

20 hari yang lalu41:06

41:06

In this episode the podcast discusses the recent uncertainty with the economy and how this effects the ESOP world. Considering this, the podcast interviews senior level banker Chris Cucci with Climate First Bank. Chris’ bank does financing for ESOP deals all over the United States, providing valuable perspective on ESOP financing credit decisions in light of the first quarter of 2025. While the future of recent economic events in unpredictable, the important take away from this episode is to build your ESOP around the ability to flex with any changes in the economy.…

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EP8 - Knowing: Warrants and SARs for ESOPs 40:31

5 weeks yang lalu40:31

40:31

This episode provides the background on both Warrants and SARs in an ESOP transaction. The typical usage of synthetic equity structured within a deal can create a solid win-win for the shareholders and the company. Within the topic, the podcast uses the Nicolas Cage film “Knowing” as an example to explain how a warrant and SAR model help to predict the future just like so that we can create a lasting legacy for the company and a successful reward for those that are taking on the future risk of the enterprise.…

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EP7- ESOP Experience Industrial Supply Company (ISCO) with Jason Ireland, President 38:39

7 weeks yang lalu38:39

38:39

On this podcast episode we interview Jason Ireland, President of Industrial Supply Company (ISCO), a distributor of manufacturing parts who went 100 percent ESOP last year. Jason explains the step by step process their 100-year-old company went through to transition to an ESOP process. The company was part union and part non-union, providing some background for some companies dealing with that reality. There is even a ghost in this story…but he cannot be part of the ESOP (it’s an ERISA thing). We discuss the consensus building process with multiple shareholders and Jason’s future generation as part of the leadership to steer the company into the future of employee ownership making the employees part of this family.…

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EP6 - Mad World of ESOPs - As Transactions Vary 43:45

9 weeks yang lalu43:45

43:45

The Mad World of ESOPs! This episode reviews the roles ESOP professionals play and the reality of variance in one transaction to another. We discuss the differences in costs, approaches to structure, closings, and other areas given the backgrounds, perspectives and objectives in leading the transaction. This episode is intended to help orient the listener to questions they may want to ask on their journey to an ESOP.…

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EP5 - Selling an Employee-Owned Company - Discussion with Greg Daugherty ESOP Attorney 46:52

11 weeks yang lalu46:52

46:52

In some cases an ESOP company can choose to sell to an outside buyer after they transition to an employee-owned company. In this episode Greg Daugherty, Porter Wright and, I discuss the factors related to selling your company after it has become an employee-owned company. Greg does a great job of discussing how this process works and what business owners should know as it relates to the board of directors, trustees and, support related to selling the business.…

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EP4 - Casino Royale - Taking Chips Off The Table - Partial ESOPs 39:59

12 weeks yang lalu39:59

39:59

Arguably one of the best James Bond 007 movies - “Casino Royale” - is it time to get some chips off the table? This episode focuses on the motivations of why some companies look at doing a partial ESOP which is going to be accompanied by risk/reward decisions. Not as risky as going all in and hoping for the high hand. But a partial ESOP can still be the right strategy a lot of companies to determine if an ESOP works in both the short and long term, and for shareholders and employees. This may be your next step on the journey to an ESOP!…

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EP3 - ESOP Interview with Jeff Forrestall from Forrestall CPAs to discuss ESOP Financing and Tax Planning 48:30

13 weeks yang lalu48:30

48:30

Journey to an ESOP and Beyond continues to bring perspectives that can challenge conventional thinking and at the least provide the listener with questions for their advisors. Jeff Forrestall, CPA provides a good overview of the changes in SBA ESOP financing as well as a compelling forward planning model to leverage the C Corp opportunity beyond 1042.…

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EP2 - Meet Joe Black - Death and Taxes - 453a Tax Issue Related to Seller Note and Capital Gains Tax 21:00

15 weeks yang lalu21:00

21:00

This episode takes advantage of the classic film “Meet Joe Black” starring Brad Pitt and Anthony Hopkins. The podcast uses the movie to demonstrate the two guarantees in life - Death and Taxes. The nuances of taxes can catch individuals by surprise. As it relates to an ESOP transaction - most of the time there is a resulting seller note established. Relative to an S-corp sale - there will be capital gains taxes that need to be estimated. We usually look to installment sale method but if a company’s transaction is large enough to create a seller note greater than $5 million there will be an additional IRS interest cost known as 453a. We detail this issue so that listeners do not underestimate the additional cash outflow to the sellers. This is a very important step in your personal Journey to an ESOP!…

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EP1 - It Takes A - TEAM (Special Message for New Season) 30:58

16 weeks yang lalu30:58

30:58

This is the first episode of the new year where we like to cover changes to the podcast. This kick off message for season 6 focuses on our core value: “It Takes A Team”. This works out well to connect the dots on the old tv show and 2010 movie “The A - Team”. Some of the changes to the podcast have already been incorporated in our logo change. This episode covers some of the highlights of 2024. Looking forward to the new year for 2025 and some of the areas we plan to focus on as well as the open invitation to send your questions to our contact us page on the Journeytoanesop.com website. Lets get started on our next step on this journey to an ESOP.…

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EP33 – ESCA - Interview with Noelle Montano – ESOPs and Washington 47:06

18 weeks yang lalu47:06

47:06

In this episode, Noelle Montano returns to discuss ESCA’s tireless efforts to preserve and promote the S-Corporation ESOP in Washington after the 2024 election. We also discuss some of the impacts employee ownership has on companies, communities, and Congress.

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EP32 - ESOP Experience with Tactical Rehabilitation Insight from Kevin MacRitchie, CEO and Karen Lyons, CFO On Their Journey To An ESOP 56:57

19 weeks yang lalu56:57

56:57

Every company has its own lessons to be learned in the journey of converting to an ESOP. This interview with Kevin MacRitchie, CEO and Karen Lyons, CFO of Tactical Rehab provides key leadership perspective on the transition of this company through the process of becoming an ESOP. Kevin has a large company background and has brought a level of management that is moving their company to the next level. As part of his strategic leadership, he has fostered a vital partnership with the employees of Tactical Rehab, Inc. and even a greater level of trust with his CFO - Karen Lyons. Karen brings an order to the company to provide financial insight with not only important data points, but also to support the well thought out strategic direction of the company. Both Kevin and Karen speak to the importance of teamwork in the success of building the company. The ESOP was considered and moved into a reality as an essential tool working through many common objectives that most companies have: succession, culture, retention, incentive. They have embraced a full on ESOP communication strategy for their employees on a monthly basis in addition to other key initiatives.…

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EP31 - Alone Again, Naturally Needing To Consider Leadership For An ESOP 42:38

23 weeks yang lalu42:38

42:38

This episode highlights the leadership issue a business finds itself continually facing. Ongoing leadership development is a common concern with most companies both before, during, and after the ESOP transition. Going through the feeling of being “Alone Again” is a natural and normal issue that needs to be addressed whether it be for management succession in the short run or for the company’s final exit plan.…

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EP30 - Challenges For Mature ESOP Companies 47:27

25 weeks yang lalu47:27

47:27

This episode addresses effort the challenges and applicable solutions for a mature ESOP company. Diana Clark and Jason Miller provide insight into including preservation of ESOP knowledge in the organization contemplating changes to leadership. Other items we discuss include how to look ahead at areas that need to be thought about not only as a mature ESOP but also preparing ahead of time for these issues. The discussion includes best practices that should be thought about post ESOP issues. ESOP companies should be focused on the long-term sustainability as companies build out infrastructure the can produce solid results like employee engagement. Ultimately, it takes work and ongoing focus to stay on top of this just like other areas of the business.…

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EP29 - Fast and Furious - How Do You Gain Support For Your ESOP 37:33

27 weeks yang lalu37:33

37:33

This episode was inspired by the recent NCEO conference and provides a good overview for those that are new to an ESOP or those who have recently transitioned to an ESOP. The podcast discusses the need to build the employee-ownership concept as a vibrant part of the culture of your company. As we go through some of these concepts, we will address the audience, frequency, repetition, and plan for ESOP communication. This can affect each employee-owned company differently depending on where the company is in their development whether that be a new, young, maturing, or mature ESOP.…

Journey to an ESOP & Beyond

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EP 28 - Estate Planning and ESOPs: Interview with Agnes Gregory (Tax Partner) and Justin Stemple (ESOP Attorney) 44:43

28 weeks yang lalu44:43

44:43

This episode is extremely timely given the potential changes to estate tax. Agnes Gregory with Berman Hopkins CPA tax team in Orlando FL and Justin Stemple with Warner Norcross + Judd from Grand Rapids, MI explain how important it is to have an Estate/Gift Tax plan going into an ESOP transaction. We cover some important elements of Estate planning as we consider the event of an ESOP transaction. One of the areas of planning is considering the potential lifetime exemptions with other assets. This gets somewhat clearer as you consider the valuation of a primary asset - your business. When it comes to estate and gift planning there are a myriad of options and the earlier you start the better. We also cover who should be helping you do this kind of planning so that you can enjoy your journey to an ESOP.…

Journey to an ESOP & Beyond

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EP27 - Dirty Rotten Scoundrels - Identifying Roles at the ESOP Conference 43:39

30 weeks yang lalu43:39

43:39

This episode highlights ESOP advisors you may run into at the conferences (or really anywhere!) The topic is to help provide an overview of the ranging roles as it applies to ESOP advisory and how to choose advisors who can best support your personal journey to an ESOP.

Journey to an ESOP & Beyond

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EP26 - Interview with an ESOP Trustee - Bryce Lenox out of Cincinnati OH. 42:05

31 weeks yang lalu42:05

42:05

This episode focuses on the role of the ESOP trustee through an interview with Bryce Lenox - an ESOP trustee out of Cincinnati, OH. Bryce does a great job reviewing the role of an ESOP trustee both on the transaction and ongoing side. Relating to transaction, Bryce explains the role he plays as a buyer and the steps he takes to conform to the department of labor process agreements. Once the transaction is complete, he explains his ongoing duties for the retirement plan from a fiduciary standpoint.…

Journey to an ESOP & Beyond

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EP25 - Pink Panther - The Strangeness of ESOP Negotiation 37:21

33 weeks yang lalu37:21

37:21

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.…

Journey to an ESOP & Beyond

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EP24 - The Power Of Monthly ESOP Communication With Diana Clark 49:59

35 weeks yang lalu49:59

49:59

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.…

Journey to an ESOP & Beyond

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EP23 - Inside Out - Part 2 - Inside Note vs. Outside Note 40:45

36 weeks yang lalu40:45

40:45

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.…

Journey to an ESOP & Beyond

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EP22 - ESOPs for the Construction Industry – interview with Joe Hurt of RLH Construction, a 100 percent ESOP 50:50

37 weeks yang lalu50:50

50:50

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.…

Journey to an ESOP & Beyond

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EP21 - Inside Out: Inside Note Vs. Outside Note - Part 1 36:04

38 weeks yang lalu36:04

36:04

This episode provides clarification to the difference between an inside note and an outside note. In an ESOP transaction there will be two types of notes created when the transaction occurs. This episode is part 1 of 2 episodes. The first part explains the background of the terminology as it relates to why these two types of notes exist. The majority of this episode deals with the inside note and its use in releasing shares to employees as well as IRS code section 404 and limits applied as well as implications related to related to future repurchase liability. In addition, this episode covers how the tax benefits get created in the analysis of an ESOP from the structure of the inside note.…

Journey to an ESOP & Beyond

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EP20 - Corey Rosen with NCEO - An Update on ESOPs 48:23

39 weeks yang lalu48:23

48:23

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).…

Journey to an ESOP & Beyond

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EP19 - Miss Peregrine Home for Peculiar Children-Motivations for an ESOP 36:58

41 weeks yang lalu36:58

36:58

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.…

Journey to an ESOP & Beyond

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EP18 - Dealing with Mature ESOPs, Repurchase Liability, Changes in Economy, and Re-leveraging - Discussion with Renee Jenkins with Holiday Builders 44:51

43 weeks yang lalu44:51

44:51

This episode will be very informative through the long-tenured experience of Renee Jenkins with Holiday Builder’s ESOP. Renee has been a long-time employee of the company managing the Finance/HR Branch. On this episode of the Podcast, we discuss the issues in a straightforward approach and solutions that she has worked through. This discussion covers possible issues that can arise during the ESOP process which may seem unsolvable, but have reliable solutions. For mature ESOP company’s there might be areas you are currently dealing with including repurchase liability, changes in the economy, and running out of ESOP shares in the trust. This episode covers solutions to these topics!…

Journey to an ESOP & Beyond

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EP17 - Quigley Down Under - Taking the Long Shot - Preparing for a Successful ESOP 33:29

45 weeks yang lalu33:29

33:29

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.…

Journey to an ESOP & Beyond

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EP16 - ESOPs and Private Equity - Discussion with Jason Miller 46:38

47 weeks yang lalu46:38

46:38

On this episode, Jason Miller (former National Director of ESOPs for Bank of America) and I explore the “Expanding ESOP Initiative” that was recently aired on 60 Minutes. The focus of this podcast is to provide an update as to what is happening in the National ESOP space and how the ESOP initiative started. The initiative’s work is centered around the question: “Why are there not more ESOP companies in the United States?” Jason Miller was part of the initiative and shares some insight into the process and how this initiative is currently being developed.…

Journey to an ESOP & Beyond

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EP15 - Bridge Over Troubled Water - The Historical Cash Flow and Forecasted Cash Flow Connecting To Your Valuation for an ESOP 36:40

49 weeks yang lalu36:40

36:40

This episode focuses on the development of an expected valuation to help a shareholder understand selling their shares to an ESOP. When the historical average cash flow is much lower than the forecasted cash flow, the negotiated fair market value or adequate consideration can be much lower than desired. This is what the podcast refers to as “bridge over troubled water.” Where the bridge is historical to forecasted cash flow.…

Journey to an ESOP & Beyond

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EP14 - ESOP Communication - Interview with Diana Clark 45:54

51 weeks yang lalu45:54

45:54

This episode is a general overview of ESOP communication. Diana Clark and I discuss the importance of communicating an ESOP transition to your employees. We discuss how to present an ESOP to your company, answering the question: What is in it for the employee? This is a very essential part of the ESOP journey--once the ESOP closes this marks a new beginning for the company. Communication is central to building a highly effective ESOP company, as well as re energizing mature ESOPs.…

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