Episode 38 - Sell Your Company Twice Through an ESOP with Patti Plough

HIGHLIGHTS 02:40 Patti's background and introduction to ESOPs07:38 Protect your employees by selling the company to them 12:23 Defining ESOP and "the second bite of the apple"19:48 How to grow exponentially with an ESOP28:14 When to exit via ESOP31:31 Step-by-step: How to setup an ESOP 40:41 The owner of the business can be seller and become the trusteeQUOTES09:38 "I think, in my opinion, the only way to really protect your employees is to sell your company to them. Then you're protecting them."12:36 "An ESOP is a retirement fund for your employees. So how it works is very similar to a 401k, but it's actually been stated that it's like a 401k on steroids."20:01 "When you form an ESOP, you become a tax free entity. You no longer pay corporate taxes. So today you're paying 33 to 40% corporate taxes, tomorrow all that money goes to the bottom line on your balance sheet."37:17 "Plus the second bite of the apple, the retirement benefit windfall for your staff, the management incentive program. If you have multiple shareholders, you can customize the ESOP transaction per shareholder. So it's very flexible that way." 40:55 "What they do need every year is they need a valuation. The company has to have a valuation done on an annual basis, and that has to be reported to the trustee. That is the only requirement is that annual valuation."To learn more about Patti, you can check out the links below.LinkedIn - https://www.linkedin.com/in/pattilplough/If you enjoyed today’s episode, please subscribe, review and share with a friend who would benefit from the message. If you’re interested in picking up a copy of Jonathan Goldhill’s book, Disruptive Successor, go to the website at www.DisruptiveSuccessor.com. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.