An Employee Stock Ownership Plan can be a perfect option for transitioning your business, but it is not the only option. The next series of articles will focus on the different ways a business owner can transition their business. This decision can and should involve a lengthy research process to ensure the best fit for you, the business owner!
Providing proactive education and building awareness is important to help employee owners understand their importance and impact on the ESOP on a daily basis and to maximize their expectations and return through the entire lifecycle of the Plan. The ESOP Trust has saved the company a lot in taxes and has provided each employee owner with a financial stake in the company’s value today and into the future.
Today’s blog article focuses on what information should be shared to ensure you keep employee owners’ attention. My previous blog article, The Secret Ingredient in Employee Ownership, highlighted how to engage employees through creating a sense of value among your employee owners through the following four key emotions: enthusiasm, inspiration, empowerment, and confidence.
October is always an amazing time of the year as the weather changes from the warmth of Summer to the crispy cool temperatures of Fall. These seasonal changes remind me of the transitions we all face no matter the industry we work in. As things change, we can’t forget to look back and remember the past and where everything initially started.
Last week was the start of ESOP Employee Ownership Month (EOM) 2014. In my August 2013 ESOP Report article "It’s Not (Just) What You Say, It’s How Often You Say It," I discussed how EOM can also be used to promote your ESOP internally. Daily or weekly celebrations and events are commonplace, and provide multiple opportunities to keep the ESOP fresh in the minds of your employee owners.
Retaining a valuable employee is one of the bigger challenges a small business owner will have to find a solution to in order to achieve long-term success. Much is invested in both time and money to recruit and train good employees. So what exactly does it take to attract and retain a good employee today?