An ESOP, or an employee stock ownership plan, is a retirement program that allows participating individuals to acquire ownership interest in their employer’s organization. ESOPs are most commonly used by business owners to transition a business (if they are departing or want to move ownership away from a concentrated group of owners), as a benefit to employees. There is [ Read More ]
Beatles lead guitarist George Harrison once said, “If you don’t know where you’re going, any road will take you there.” His point is, obviously, that if you don’t have a vision of where you want to be, there’s no right or wrong next step. When you think about strategic planning, the same idea applies: If you don’t have a [ Read More ]
During my years of consulting with family-owned businesses, I have encountered a number of mistakes made by the older generation when they have tried to transition their company to the next generation. During the transition, they were not aware of making any mistakes, only to find out in later years they had wished things were done differently. In consulting [ Read More ]
