ESOP Radio

What does it take to build a company that lasts—and a team that truly owns it?In Episode 20 of ESOP Radio, Trevor Gilmore and Ben Spadt sit down with Dave Odell, CEO of MedBridge and CFO of Tynan Group, a 100% employee-owned company managing high-profile real estate development projects across the West Coast.Dave shares the story behind Tynan Group’s ESOP transition, including why a traditional sale didn’t feel right—and how employee ownership ultimately checked every box.But this episode goes deeper.As an accomplished ultra-endurance athlete (including the 106-mile UTMB race around Mont Blanc), Dave draws powerful parallels between endurance racing and running a business: navigating uncertainty, pushing through low points, and building long-term resilience.From ESOP structure to leadership mindset, this conversation is about playing the long game.Key Topics Why Tynan Group chose an ESOP over private equity or strategic buyers  What founders often misunderstand about selling their business  Early results from employee ownership (culture, retention, performance)  Lessons from ultra-endurance racing applied to business leadership  Building resilience through uncertainty, downturns, and “low miles”  The importance of team, trust, and long-term thinking Send us Fan MailLearn more:ESOP Radio: https://www.menke.com/esop-radio/ESOP Boot Camp: https://www.menke.com/esop-boot-camp/Confidential feasibility review: https://www.menke.com

What does an ESOP transition look like when a company starts planning early?In Episode 19 of ESOP Radio, Trevor Gilmore and Ben Spadt sit down with Jeff Bradley and Heather Hines of M-Group, a Bay Area urban planning firm that helps cities and counties shape long-term growth, land use, infrastructure, and livability Because urban planners think in decades, M-Group approached succession the same way. In this conversation, they share why employee ownership aligned with the firm’s values, how they used ESOP pre-funding to reduce stress on the business, and what they learned about employee communication along the way In this episode: Why M-Group saw ESOPs as a fit for a people-driven professional services firm  How pre-funding created a more orderly transition and reduced debt pressure  What employees understood — and misunderstood — when the ESOP was introduced  Why the process increased financial transparency inside the company  How ESOP planning opened broader succession conversations across the firm  Whether employee ownership is helping with client confidence and recruiting One of the clearest takeaways:You cannot really start too early on succession planning.Considering an ESOP? Request a confidential preliminary feasibility review at Menke.com.Send us Fan MailLearn more:ESOP Radio: https://www.menke.com/esop-radio/ESOP Boot Camp: https://www.menke.com/esop-boot-camp/Confidential feasibility review: https://www.menke.com

AEC firms—architecture, engineering, and construction—are seeing a clear trend:ESOP companies are outperforming their peers on valuation.In this episode, Trevor Gilmore and Ben Spadt break down the 2026 data and explain why ESOP-owned companies are commanding higher valuations—and what that means for owners considering succession.In this episode: Why ESOP companies see ~25% higher value relative to revenue  How backlog drives forward-looking valuation  The impact of S-Corp ESOP tax advantages on cash flow and value  How EBITDA multiples and cap rates are actually determined  Why ESOP companies often carry a lower risk profile This is a practical, data-backed look at valuation—not theory—and why many AEC firms are rethinking how they approach ownership and exit planning.Considering an ESOP? Request a confidential preliminary feasibility review at Menke.comSend us Fan MailLearn more:ESOP Radio: https://www.menke.com/esop-radio/ESOP Boot Camp: https://www.menke.com/esop-boot-camp/Confidential feasibility review: https://www.menke.com

In this episode of ESOP Radio, we sit down with Art Hoover, CEO and Co-Founder of Matrix HG, to talk about his journey from starting a company with just $2,000 to building a successful HVAC business—and ultimately transitioning to 100% employee ownership through an ESOP. Art shares why he chose an ESOP over private equity, how the transition reshaped his role as CEO, and what it takes to build a company that can thrive long-term without losing its culture.We also dive into leadership, succession planning, and the importance of building a team that can carry the business forward—plus a few unexpected lessons from Art’s passion for racing cars.Whether you're exploring exit options or simply want to build a stronger business, this episode offers practical, real-world insights.🔑 What You’ll Learn Why Art chose an ESOP instead of selling to private equity  How employee ownership preserves culture and independence  The mindset shift from founder to ESOP CEO  Why strong leadership teams are critical to ESOP success  How ESOPs impact recruiting, retention, and motivation  Lessons from navigating economic downturns and COVID  The difference between growth and profitable growth  How racing translates to leadership and business discipline Send us Fan MailLearn more:ESOP Radio: https://www.menke.com/esop-radio/ESOP Boot Camp: https://www.menke.com/esop-boot-camp/Confidential feasibility review: https://www.menke.com

A new trend is emerging — and it’s not limited to one region.In this episode of ESOP Radio, Trevor Gilmore and Ben Spade discuss the growing demand for employee ownership, highlighted by recent activity in California’s Central Valley.Employees are no longer satisfied with traditional compensation. Increasingly, they expect “skin in the game” — and companies are responding by implementing ESOPs as both a growth and retention strategy.In this episode:Why employees are prioritizing equity over traditional benefitsHow ESOPs are being used to attract and retain talentThe rise of Gen X owners proactively planning successionPartial vs. full ESOP structures (flexibility matters)The financial impact of employee ownership, including tax advantagesWhy ESOP companies often outperform over the long termThe takeaway: employee ownership is shifting from optional to expected.Considering an ESOP? Request a confidential preliminary feasibility review at Menke.com.Send us Fan MailLearn more:ESOP Radio: https://www.menke.com/esop-radio/ESOP Boot Camp: https://www.menke.com/esop-boot-camp/Confidential feasibility review: https://www.menke.com

What happens when an ESOP company implements EOS?In this episode of ESOP Radio, Trevor Gilmore and Ben Spadt sit down with Dave Jaeger, CEO of Legacy Utility, and Craig Hettrich, EOS Implementer at The Hetrick Group, to explore how ownership structure and operating discipline work together.Legacy Utility is a growing underground utility contractor that paired employee ownership with EOS to align leadership, improve accountability, and build long-term value.In this episode:What EOS actually is — and why it mattersHow EOS complements an ESOP structureAligning people, performance, and equityLeadership accountability in an employee-owned companyOwnership mindset vs. entitlement mindsetReal operational improvements (including measurable cost savings)Why ESOPs need structure to fully unlock cultureAn ESOP creates ownership. EOS creates alignment. Together, they create execution.Considering an ESOP? Request a confidential preliminary feasibility review at Menke.com.Learn more:ESOP Radio: https://www.menke.com/esop-radio/ESOP Boot Camp: https://www.menke.com/esop-boot-camp/Menke: https://www.menke.comSend us Fan MailLearn more:ESOP Radio: https://www.menke.com/esop-radio/ESOP Boot Camp: https://www.menke.com/esop-boot-camp/Confidential feasibility review: https://www.menke.com

As we begin 2026, what’s ahead for the ESOP market?In this episode of ESOP Radio, Trevor Gilmore and Ben Spade share their Top 10 predictions for the year — from AI-driven owner awareness to partial liquidity strategies, private equity exits, lending trends, and the growing premium on employee ownership culture.In this episode:Why AI and online tools will accelerate ESOP educationThe continued rise of partial ESOPs for Gen X ownersPrivate equity firms exploring ESOPs as an exit strategyIncreased bank appetite for ESOP financingEmployee demand for ownership as a recruiting advantageThe possibility of the first cannabis ESOPBipartisan legislative momentumWhy ESOPs are shifting from “last resort” to strategic toolESOPs are no longer niche. They’re becoming a mainstream succession and competitive strategy.Considering an ESOP? Request a confidential preliminary feasibility review at Menke.com.Learn more:ESOP Radio: https://www.menke.com/esop-radio/ESOP Boot Camp: https://www.menke.com/esop-boot-camp/Menke: https://www.menke.comSend us Fan MailLearn more:ESOP Radio: https://www.menke.com/esop-radio/ESOP Boot Camp: https://www.menke.com/esop-boot-camp/Confidential feasibility review: https://www.menke.com

What happens when a fast-growing contractor reaches a crossroads: private equity… or employee ownership?In this episode of ESOP Radio, Trevor Gilmore and Ben Spade sit down with Dave Jaeger, CEO of Legacy Utility Group, to unpack the real-world decision between selling to private equity or transitioning to an ESOP.Dave shares:• Why private equity didn’t align with his long-term vision • How an ESOP created liquidity and a 10-year plan • How pairing EOS (Entrepreneurial Operating System) with employee ownership strengthened accountability • The cultural and recruiting impact of becoming employee-owned • What he would tell himself 3 years before the transactionLegacy Utility operates in a competitive, capital-intensive industry. Yet the ESOP structure allowed them to preserve culture, retain talent, and build long-term value — without sacrificing independence.If you're a founder weighing succession options, this episode offers a candid look at what the decision actually feels like inside the boardroom.📌 Learn more about ESOP feasibility: Visit Menke.com📌 Connect with Trevor Gilmore on LinkedIn📌 Connect with Ben Spade on LinkedInSend us Fan MailLearn more:ESOP Radio: https://www.menke.com/esop-radio/ESOP Boot Camp: https://www.menke.com/esop-boot-camp/Confidential feasibility review: https://www.menke.com

What do employees actually experience in an ESOP?In Part 10 of the ESOP Boot Camp series, Trevor Gilmore and Ben Spadt explore what employee ownership looks like from the inside — beyond transaction mechanics and tax advantages.This episode focuses on three key areas: building a true ownership culture, understanding what ESOP statements actually mean for employees, and why ownership alone does not automatically create engagement.The discussion explains how pride, accountability, and long-term thinking shape successful ESOP companies. It also covers how annual ESOP statements reflect accumulated retirement wealth and why leaders must continuously communicate long-term value creation to employees.Topics covered include:What ownership culture really means in practiceThe difference between working at a company and owning part of itHow ESOP statements reflect retirement wealth and vestingThe power of long-term compoundingWhy ownership alone does not guarantee engagementLeadership’s role in driving alignment and accountabilityThe importance of rowing in the same directionThis episode concludes the ESOP Boot Camp series and ties together the structural, financial, and cultural elements that make employee ownership successful over the long term.Send us Fan MailLearn more:ESOP Radio: https://www.menke.com/esop-radio/ESOP Boot Camp: https://www.menke.com/esop-boot-camp/Confidential feasibility review: https://www.menke.com

What actually happens after the ESOP transaction closes?In Part 9 of the ESOP Boot Camp series, Trevor Gilmore and Ben Spadt walk through what life looks like after an ESOP is implemented — from the employee rollout to the annual compliance cycle, board evolution, and management’s new strategic focus.This episode explains how companies transition from transaction execution to long-term ownership execution. The discussion covers how employee ownership is introduced and communicated, what recurring annual responsibilities look like, how boards often professionalize post-transaction, and how management’s focus shifts toward long-term value creation under an ESOP structure.Topics covered include:The employee rollout and ownership messagingBuilding excitement and engagement around employee ownershipAnnual ESOP lifecycle requirements (valuation, compliance, Form 5500)Independent annual appraisals and trustee approvalBoard evolution and adding independent directorsGovernance changes following a minority or control ESOPManagement’s new focus: education, scaling, and long-term ROIStrategic growth under an ESOP structureThis episode is designed for owners, CEOs, CFOs, and board members who want to understand how governance, compliance, and strategy evolve after an ESOP transaction closes.Send us Fan MailLearn more:ESOP Radio: https://www.menke.com/esop-radio/ESOP Boot Camp: https://www.menke.com/esop-boot-camp/Confidential feasibility review: https://www.menke.com

Who works for you — and who works for the ESOP — during a transaction?In Part 8 of the ESOP Boot Camp series, Trevor Gilmore and Ben Spadt break down the key players involved in an ESOP transaction and clarify who represents whom throughout the process.This episode explains the role of the ESOP sell-side advisor (or “quarterback”), the trustee, trustee counsel, and the independent appraiser. The discussion also covers what happens after closing — including the recordkeeper, board oversight, and annual valuation requirements.In addition, Trevor and Ben outline common red flags owners should watch for when selecting advisors, including fee transparency, conflicts of interest, reinvestment structures, and overly complex or confusing explanations.Topics covered include:The ESOP sell-side advisor (“quarterback”) and their roleThe trustee’s fiduciary responsibility to plan participantsTrustee counsel and independent valuation firmsPost-transaction roles: recordkeepers and governanceBoard oversight in minority and control ESOP transactionsFee transparency and common compensation structuresRed flags and conflicts of interest to avoidThis episode is designed for owners, CEOs, and CFOs who want clarity around the structure, governance, and advisory landscape of an ESOP transaction before entering negotiations.Send us Fan MailLearn more:ESOP Radio: https://www.menke.com/esop-radio/ESOP Boot Camp: https://www.menke.com/esop-boot-camp/Confidential feasibility review: https://www.menke.com

How does an ESOP transaction actually work from start to finish?In Part 7 of the ESOP Boot Camp series, Trevor Gilmore explains the step-by-step process of executing an ESOP transaction once valuation, structure, and financing have been determined.This episode walks through the key players involved — including the ESOP trustee, trustee counsel, and independent appraiser — and explains how negotiations unfold between the seller and the ESOP trust. Trevor also outlines what due diligence looks like, how trustees are selected, and what actually happens at closing.Using a practical transaction example, this episode clarifies how bank financing and seller notes come together to fund an ESOP purchase.Topics covered include:The key parties representing the ESOP trustThe trustee’s fiduciary responsibilityHow trustees are selectedDue diligence and the data room processNegotiation dynamics between seller and trusteeTerm sheets and governance considerationsWhat happens at closingA real-world example of ESOP transaction fundingThis episode is designed for owners, CEOs, and CFOs who want a clear understanding of how an ESOP transaction moves from planning to closing.Send us Fan MailLearn more:ESOP Radio: https://www.menke.com/esop-radio/ESOP Boot Camp: https://www.menke.com/esop-boot-camp/Confidential feasibility review: https://www.menke.com

How is an ESOP valuation actually determined?In Part 6 of the ESOP Boot Camp series, Trevor Gilmore and Ben Spadt break down ESOP valuation in simple, practical terms. This episode explains how fair market value works in an ESOP transaction, why cash flow drives value, and who ultimately determines the final price.The discussion covers the difference between “price” and “value,” the role of independent valuation firms, and how trustees negotiate on behalf of employees to ensure transactions occur at arm’s length and at fair market value.Topics covered include:What it means for an ESOP to be a fair market value buyerWhy ESOPs are fundamentally cash flow buyersHow EBITDA multiples are built from cost of capitalThe role of projections, financial history, and market comparablesWho sets ESOP value in a transactionThe trustee’s fiduciary responsibilityThe difference between value and priceThis episode is designed for owners, CEOs, and CFOs who want a clear framework for understanding how ESOP valuations are determined before entering negotiations.Send us Fan MailLearn more:ESOP Radio: https://www.menke.com/esop-radio/ESOP Boot Camp: https://www.menke.com/esop-boot-camp/Confidential feasibility review: https://www.menke.com

How are ESOP transactions actually financed?In Part 5 of the ESOP Boot Camp series, Trevor Gilmore, CEO of Menke, explains the two primary ways ESOPs are financed: outside bank financing and seller financing—and how those approaches are often combined in practice.Using real-world examples, this episode walks through how lenders evaluate ESOP transactions, what makes a company “bankable,” and how seller notes can function as a long-term liquidity and estate-planning tool for selling shareholders.Topics covered include:The two primary ESOP financing methods: bank financing and seller notesHow lenders evaluate cash flow, coverage ratios, and financial qualityCombining bank financing with seller financing in ESOP transactionsSeller notes as long-term annuities for ownersWhen all–seller-financed ESOPs can make senseThe role of lender selection and ESOP-specific expertiseThis episode is designed for owners, CEOs, and CFOs who want a clear, practical overview of how ESOP financing works before diving deeper into structure or transaction planning.Send us Fan MailLearn more:ESOP Radio: https://www.menke.com/esop-radio/ESOP Boot Camp: https://www.menke.com/esop-boot-camp/Confidential feasibility review: https://www.menke.com

What are the real tax advantages of an ESOP—and how do they actually work in practice?In Part 4 of the ESOP Boot Camp series, Trevor Gilmore, CEO of Menke, and Ben Spadt, ESOP Investment Banking Consultant at Menke, break down the three primary tax benefits available to ESOPs and selling shareholders.This episode explains the Section 1042 rollover, the differences between C corporation and S corporation ESOP tax treatment, and how 100% S corporation ESOPs can operate without paying federal income tax. The discussion stays high-level and practical, focusing on how these tax advantages influence owner decision-making, transaction structure, and long-term strategy.Topics covered include:Section 1042 rollover basics and eligibility requirementsQualified Replacement Property (QRP) and common strategiesComparing a taxable sale versus a 1042 deferralESOP tax deductions for C corporationsHow S corporation ESOPs eliminate federal income taxPartial versus 100% ESOP ownership and tax implicationsWhy tax planning must align with long-term ownership goalsThis episode is designed for owners, CEOs, and CFOs who want a clear, plain-English explanation of how ESOP tax advantages work—and why they are often a central driver in ESOP decision-making.Send us Fan MailLearn more:ESOP Radio: https://www.menke.com/esop-radio/ESOP Boot Camp: https://www.menke.com/esop-boot-camp/Confidential feasibility review: https://www.menke.com

Why do some business owners choose an ESOP—and why do others decide it’s not the right solution?In Part 3 of the ESOP Boot Camp series, Trevor Gilmore, CEO of Menke, and Ben Spadt, ESOP Investment Banking Consultant at Menke, walk through the real reasons owners pursue employee ownership, as well as the situations where an ESOP may not make sense.This episode is structured around three core decision drivers owners consistently face: liquidity versus legacy, partial versus full exits, and when an ESOP is the wrong answer altogether. The discussion blends practical frameworks with real-world examples drawn from decades of ESOP advisory experience.Topics covered include:Liquidity versus legacy as competing (and complementary) motivationsHow ESOPs compare to strategic and financial buyersPartial ESOPs versus 100% ESOP transitionsTiming considerations based on owner age and succession goalsBank financing versus seller financing in ESOP transactionsThe pre-fund ESOP option and when it can make senseCommon reasons ESOPs fail or are terminatedClear signs an ESOP may not be the right solutionThis episode is designed for owners, CEOs, and CFOs who want an honest, experience-based perspective on when employee ownership fits—and when it doesn’t.Send us Fan MailLearn more:ESOP Radio: https://www.menke.com/esop-radio/ESOP Boot Camp: https://www.menke.com/esop-boot-camp/Confidential feasibility review: https://www.menke.com

How do you know if an ESOP is actually a good fit for your company?In Part 2 of the ESOP Boot Camp series, Trevor Gilmore, CEO of Menke, and Ben Spadt, ESOP Investment Banking Consultant at Menke, walk through the key questions business owners should ask to determine whether their company is a strong ESOP candidate—and the warning signs that are important to understand early.This episode is structured around a practical, experience-based framework that helps owners evaluate ESOP fit before pursuing transaction structure or financing. The discussion focuses on financial readiness, leadership depth, culture, industry considerations, and owner objectives, with an emphasis on assessing fit realistically rather than optimistically.Topics covered include:Minimum financial performance and cash flow requirements for an ESOPWhy cash flow matters more than revenue sizeExecutive and management team depthCulture, employee ownership readiness, and industry considerationsOwner goals related to liquidity, control, and legacyCommon misconceptions about ESOP “eligibility”When an ESOP may not be the right solutionThis episode is designed for owners, CEOs, and CFOs who want a clear, structured framework for evaluating whether employee ownership aligns with their business and long-term plans.Send us Fan MailLearn more:ESOP Radio: https://www.menke.com/esop-radio/ESOP Boot Camp: https://www.menke.com/esop-boot-camp/Confidential feasibility review: https://www.menke.com

What exactly is an Employee Stock Ownership Plan—and how does it actually work?In this episode of ESOP Radio, Trevor Gilmore, CEO of Menke, and Ben Spadt, ESOP Investment Banking Consultant at Menke, kick off the ESOP Boot Camp series with a plain-English explanation of employee ownership.The conversation breaks down what an ESOP is, how it functions as a qualified retirement plan, and how it differs from mergers and acquisitions, private equity, or gifting stock to employees. Trevor and Ben also explain how ESOPs are financed, how fair market value applies, why ESOPs exist in the first place, and the role employee ownership plays in succession, liquidity, and long-term company independence.This episode is designed for business owners, CEOs, CFOs, and advisors who want a clear, straightforward understanding of ESOP fundamentals before exploring feasibility or transaction structure.ESOP Radio is the official ESOP podcast from Menke, where real stories of growth, succession, and long-term wealth building are told.⚠️ This podcast is provided for educational purposes only and does not constitute legal, tax, investment, or fiduciary advice.Send us Fan MailLearn more:ESOP Radio: https://www.menke.com/esop-radio/ESOP Boot Camp: https://www.menke.com/esop-boot-camp/Confidential feasibility review: https://www.menke.com

What does it really feel like to sell your company to an ESOP—especially at 100% ownership?In this episode of ESOP Radio, Trevor Gilmore and Ben Spadt sit down with Ron Brown, CEO and former majority owner of Brown Construction, to discuss his decision to transition the company to a 100% employee-owned ESOP after more than 60 years of independent ownership.Ron shares what succession planning looked like years before the transaction, the alternatives he considered—including third-party sales—and why employee ownership ultimately aligned best with his values, company culture, and long-term vision. The conversation explores the emotional side of selling, governance and control after the ESOP, valuation realities, communication with employees, and lessons learned from executing a full 100% ESOP in a single transaction.This episode is designed for business owners, executives, and advisors who want a candid, real-world perspective on ESOP decision-making, tradeoffs, and long-term outcomes—from someone who has lived through the process.ESOP Radio is the official ESOP podcast from Menke, where real stories of growth, succession, and long-term wealth building are told.⚠️ This podcast is for educational purposes only and does not constitute legal, tax, investment, or fiduciary advice.Send us Fan MailLearn more:ESOP Radio: https://www.menke.com/esop-radio/ESOP Boot Camp: https://www.menke.com/esop-boot-camp/Confidential feasibility review: https://www.menke.com

What should business owners ask before implementing an ESOP?In this first episode of ESOP Radio, Trevor Gilmore, CEO of Menke, and Ben Spadt, ESOP Investment Banking Consultant at Menke, walk through the top ten questions founders and executives should ask when evaluating employee ownership.Drawing on decades of experience advising ESOP transactions, the conversation covers feasibility analysis, financing options, valuation considerations, regulatory compliance, governance, succession planning, and the role culture plays in long-term ESOP success.This episode is designed to help business owners, executives, and advisors understand what a thoughtful ESOP process looks like—and how to assess whether employee ownership is the right strategic path for their company.ESOP Radio is educational in nature and does not constitute legal, tax, or investment advice.Send us Fan MailLearn more:ESOP Radio: https://www.menke.com/esop-radio/ESOP Boot Camp: https://www.menke.com/esop-boot-camp/Confidential feasibility review: https://www.menke.com