Employee Stock Ownership Plans
As a business owner, you may want to provide your employees with retirement benefits and a shared stake in your company's success, while establishing a succession plan for your business.
We're here to help understand whether an Employee Stock Ownership Plan (ESOP) can be right for your business. Together, Great Lakes Retirement Plan Consultants, we can help provide expertise and support you in setting up a plan that offers retirement savings primarily through employer stock and establishes an employee-owned company.
What makes an ESOP different?
An ESOP is a retirement benefit. But it's different than a 401(k) or pension plan.
- It's an exclusive option for C- and S-corporations.
- Assets are primarily invested in company stock.
- It gives you a flexible way to sell all or part of your business.
For business owners, an ESOP can be a valuable piece of a succession plan. It can facilitate an efficient ownership transfer, letting you leave a legacy when you reach retirement or leave your company. You can exit on your timeline, not an outside buyer's requirement.