Finance, Money

Is an ESOP Right for Your Company?

These plans can reward employees and help owners prepare for an exit. Employee Stock Ownership Plans, or ESOPs, are a popular way for business owners to transition the company’s ownership to its employees. An ESOP is also a retirement plan that allows employees to get tax benefits that are not available in other buy-sell structures. An ESOP … » lets employees participate in the company’s success » aligns employee…

Money

Valuing Your Company: Knowing Your Worth Makes It Easier to Plan Ahead

You’ve built a successful family business, accumulated a nice retirement nest egg and put together a comprehensive estate plan. But if you don’t have a workable succession plan, there’s likely to be a big hole in your planning. “A lot of people confuse succession planning with estate planning,” says Dr. Edwin Hoover, a family business advisor based in the Chicago area. “They think that if they have an estate plan,…

Money

Insuring Key Employees

Protect against the loss of workers who are crucial to your success. If your business relies on great employees to make certain aspects of your company run well, they also probably represent an important part of your profitability. When a key employee is injured and unable to work for an extended period of time, or worse, if your employee dies unexpectedly, what would be the resulting impact on your cash…