Becoming Employee-Owned: How BDO Broke Out of the Partner Model

Wayne Berson, CEO of BDO USA, joins Blake and guest host, David Leary, to discuss BDO's recent transition to an employee stock ownership plan (ESOP), making it the first major accounting firm to implement an ESOP structure. They discuss how the ESOP aims to attract and retain talent in the accounting profession and provide employees at all levels with an ownership stake in the firm.Chapters(00:44) - Why do an Employee Stock Ownership Plan(ESOP) now? (09:06) - BDO borrowed $1.3 billion - what is that money for? (14:52) - How will ESOP benefit staff? (19:06) - Is there a way to pull money out of the ESOP without leaving? (29:15) - How do you become a partner at BDO? (31:25) - What are my options when I'm a partner at BDO? (35:54) - What are your thoughts on the talent shortage and the 150-hour rule? (47:47) - What advice do you have for other firms thinking of becoming an ESOP? Sign up to get free CPE for listening to this podcasthttps://earmarkcpe.comDownload the Earmark CPE App Apple: https://apps.apple.com/us/app/earmark-cpe/id1562599728Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.appConnect with Our Guest, Wayne BersonLinkedIn: https://www.linkedin.com/in/wayneberson/Learn more about BDOWebsite: https://www.bdo.com/Connect with Blake Oliver, CPALinkedIn: https://www.linkedin.com/in/blaketoliverTwitter: https://twitter.com/blaketoliver/